Śnieżka to sell minority stake on WSE by spring 2004

Leading paint and varnish producer Śnieżka intends to sell up to 30% of its shares in an issue which is slated to take place late this year, or in the spring of 2004. "We have just started preparations to list the firm on the Warsaw Stock Exchange (WSE). I am not able to say how much capital we will raise from the issue. It will depend on the situation on the bourse," the company's president Kazimierz Mikrut said yesterday. He added that Śnieżka's current investment plans include the purchase and modernization of pro duction machinery, as well as expansion of its logistics system. Mikrut is satisfied with this year's company results despite a visible deterioration of the market. Around 16% of Śnieżka's production is exported to the East, particularly to Ukraine, Belarus, Latvia and Estonia. (Puls Biznesu, p. 7) A.Z.