Stalexport facing possible bid from Kulczyk

According to growing market rumors, shares in Stalexport are being acquired by someone interested in the motorway management division of the company. Analysts believe that enterprises closely linked to Kulczyk Holding might be behind this. Stalexport has a license to manage the toll section of the A-4 motorway between Kraków and Katowice until 2027. The tolls are collected by its 100% owned subsidiary Stalexport Autostrada Małopolska. In the first half of 2003, it reported revenues of zł. 36 million and a net profit of zł. 13.6 million. This means that the company has a net profitability of 38% and a return on equity exceeding 28%. The parent company, Stalexport, issued shares worth zł. 190 million, as part of its settlement agreement with creditors. Since their floatation on October 10, about 50 million shares have changed hands. "Such a large demand is certainly not caused by market speculators," said an anonymous analyst. Representatives of Kulczyk holding refused to comment on the news. (Parkiet, p. 1) M.M.