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Ciech chemical concern to be floated on Warsaw Stock Exchange

Chemical concern Ciech is to make its debut on the Warsaw Stock Exchange, and offer 30% of its shares in a bid to raise between 160 and 200 million zlotys, the daily Rzeczpospolita reported on March 11.

The funds will be used to acquire another chemical company, either Bydgoszcz-based Zachem or Sarzyna-based Organika, according to Ciech representatives.

The company recently announced that the firm's strategy up to 2007 will be based on two fundamental market segments: soda and pharmaceuticals.

The prospectus for the flotation is due to be completed by June.

Following the issue, the Treasury's stake in the company will fall from the current 52% to 40%.

(NewsBase 15.iii.04)

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