Stomil to challenge the Securities Commission?

Despite the lack of approval from the Securities and Stock Exchange Commission's (KPWiG), tire producer Stomil Sanok will embark on a buyback of its shares without a public bid. The company wants to buy 25% of its own shares at an average price of zł. 40 per share by the end of June, which it would later write-off. Originally Stomil wanted to take control over 33% of its own shares. The move is being opposed by the KPWiG which claims the company is breaking the law and could be prosecuted. "We have not been informed about the company's plans, but they have not made a formal move yet. If they go ahead, we will report the incident to the Prosecutor's Office," said Aleksander Chłopecki, the vice-president of KPWiG. However, in a similar case some time ago, the court ruling was unfavorable for the Commission, a fact which may encourage Stomil. (Parkiet, p. 1) J.K.