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Polish Treasury to Pocket Proceeds from Zelmer's IPO
Sep 22, 2004
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Polish Treasury to Pocket Proceeds from Zelmer's IPO

Poland's largest white goods producer Zelmer, hopes to make its debut on the stock exchange sometime in November or December, the Warsaw Business Journal reports.

The issue prospect was sent to Poland's Securities and Stock Exchange Commission (KPWiG) at the beginning of September. For the time being, however, Zelmer will not receive any additional financial aid from the stock investors.

Poland's treasury minister decided that 85 percent of A-series stock, which belong to the treasury would go public. New Zelmer shareholders will also decide whether to increase the company's equity.

Despite the rising cost of materials on the world markets, Zelmer President Andrzej Libold projects that Zelmer's net profit should amount to PLN 14 million (U.S. $3.9 million) at the end of 3Q 2004. He also sustains the company's projections of year-end sales at PLN 16.8 million ($4.7 million).

Zelmer's third-quarter sales in Poland grew by 17 percent, compared to the same period in 2003, while exports increased by 5 percent. (Warsaw Business Journal)

Poland's largest white goods producer Zelmer, hopes to make its debut on the stock exchange sometime in November or December, the Warsaw Business Journal reports.

The issue prospect was sent to Poland's Securities and Stock Exchange Commission (KPWiG) at the beginning of September. For the time being, however, Zelmer will not receive any additional financial aid from the stock investors.

Poland's treasury minister decided that 85 percent of A-series stock, which belong to the treasury would go public. New Zelmer shareholders will also decide whether to increase the company's equity.

Despite the rising cost of materials on the world markets, Zelmer President Andrzej Libold projects that Zelmer's net profit should amount to PLN 14 million (U.S. $3.9 million) at the end of 2004 third quarter. He also sustains the company's projections year-end sales at PLN 16.8 million ($4.7 million).

Zelmer's third-quarter sales in Poland grew by 17 percent, compared to the same period in 2003, while exports increased by 5 percent. (Warsaw Business Journal)

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