Treasury sets midyear date for Pulawy chemical plant initial public offer

Treasury Ministry has set the date for the initial public offering (IPO) for nitric plants Zaklady Azotowe Pulawy. The company will debut on the Warsaw Stock Exchange (WSE) at midyear, becoming the only heavy chemical plant to be sold this way. Pulawy President Miroslaw Malinowski said that privatization will help raise capital for development and expansion. The company is one of the main nitrate producers in Europe and by far the biggest in Poland with market share of roughly 50%, with a production capacity of approximately 1 million tons of ammonia yearly. Last year it managed to increase its sales by 20%, while lowering its work force by 133 employees to 3726. Revenues and net profit were zl.1.3 billion and zl.60 million, respectively. The Ministry has also invited strategic investors to negotiate acquisition of 10% to 85% of nitric plant Zaklady Azotowe Kedzierzyn shares. (Prawo i Gospodarka, p.4) M.K.