ZAK to invest up to zł.600 million ahead of privatization

In 2007 ZAK designated zł.211 million for investments, while within the next two years expenditures on this purpose will amount to roughly zł.180 million annually. The plant has to construct a new installation to produce nitrogen acid, as one of the currently utilized facilities must be shut down by the end of 2010 due to environmental regulations. Investments will be financed from own funds and loans, but the company will also apply for EU subsidies and it might raise some funds from the bourse. "The firm is ready to debut this year. We know that the State Treasury [holding 80% stake via Nafta Polska] wants to retain its controlling stake in the first stage," said Jacek Nowak, ZAK's management board member. He went on to say that the second stage of privatization could take place in 2009 when private owners would take control over the firm. (Rzeczpospolita, p. B4) M.M.