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Ciech appears to opt for mid January IPO

Warsaw based chemical producer and retailer Ciech is still waiting for the decision of the Security and Stock Exchange Commission (KPWiG) to allow the company to enter the bourse.

The most probable date of the decision is November 30, but Ciech's management board does not seem to be in a hurry. "The possible debut this year would be in mid December and this is not a very good time to go public," said Marek Klat, Ciech's spokesman. He added that the firm is in fact preparing for the debut in the first half of January when the turmoil arising from PKO BP's issue should be over.

The projected income from the issue is zl.250 million, which will be devoted to transforming the company into a mid-size chemical concern. In order to do so, however, the firm has to raise at least zl.340 million.

(WBJ 15.xi.04)

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