Ruch gets in shape for WSE debut

Poland's top press distributor plans to raise at least zł.120 million from the trading floor when it debuts in Q4 this year.

The state-owned firm controls more than 40 percent of Eastern Europe's biggest press distribution market and posted nearly zł.4 billion in sales last year.

"We still want our initial public offering to take place in the fourth quarter of this year," Ruch chief executive Adam Pawlowicz told reporters. "It could be worth zł.120 million, but we are still working to raise the company's value."

Ahead of entering the bourse, Ruch is streamlining its operations to save cash and is planning to cut 200 jobs out of its 5,800 workforce this year. It is one of the few state firms due for privatization, after Law and Justice put a halt to the sell-off of state assets. Privatization revenues have so far reached only a fraction of the slashed zł.5.5-billion target for the year, while the cabinet instead focused on squeezing larger dividends from state-owned companies. (Reuters)