Treasury says No to WSE sale of Grupa Pekaes

Grupa Pekaes, the largest road transportation company, has recorded a net profit of over zł. 5 million in 2002 and paid out dividends. That is the first time the company has managed to go in the black since 1998. At the same time, a decision was made by the State Treasury, which is a majority shareholder controlling over 51% of the shares, not to sell the company on the Warsaw Stock Exchange (WSE). "We are still discussing the issue of ownership with the State Treasury, however we have to concentrate on obtaining results at the moment," said president Jan Dalgiewicz. The company also withdrew plans to obtain an additional investor. According to recently accepted strategy, most of the funds devoted to further investments, which amount to zł 90 million between 2003 and 2006, will be spent on additional vehicles. High investments have not helped to stop revenues from falling, which were zł. 140 million lower in 2002 than in 2001. (Puls Biznesu, p. 5) A.K.