Second attempt at ZA Pulawy sale to be made this year

The Treasury has said it is likely to relaunch the initial public offering of leading chemicals producer ZA Pulawy, after the first attempt failed at the weekend due to a lack of interest among individual investors. "We are planning to relaunch the offer if market sentiment improves. Chances are that it will take place later this year," said Treasury spokesperson Beata Jarosz. The most likely date for the relaunch appears to be September. But according to Tomasz Orzel, an analyst with BIG Bank Gdanski, the condition of the Warsaw Stock Exchange (WSE) over the next few months will depend on the currency rates and macroeconomic data, and will not improve sufficiently for the ZA Pulawy shares to be sold at the zl.35 to zl.40 that the Treasury Ministry set during the first offering. (Rzeczpospolita, p. B3; Puls Biznesu, p. 3; Reuters) A.Z.