ZA Pulawy planning to make bourse debut on July 13

Leading domestic chemicals producer ZA Pulawy, the first state-owned company to be floated this year, will debut on the Warsaw Stock Exchange on July 13, the firm said on Monday. The state treasury will offer up to 4.75 million shares, or 20.8% of the company's share capital, to retail investors. Simultaneously, 2.72 million new shares will be issued, targetting institutional investors. "We hope that the funds raised from the institutional tranche will help us cover most of our zl.300-million-plus investment program in non-fertilizer products," ZA Pulawy's chief executive, Miroslaw Malinowski, said. The program will eventually lead to ZA Pulawy becoming the biggest melamine producer in Europe. The company already holds nearly 50% of the domestic nitrogen-based fertilizer market, and recorded nearly zl.1.3 billion in sales in 2000. Net profits were zl.54 million, a dramatic increase from the zl.4.3 million reported in 1999. (Gazeta Wyborcza, p. 23, Reuters) M.K.