Ciech mulls share issue to boost expansion plans
18 June 2008 15:44 [Source: ICIS news]
PRAGUE (ICIS news)--Polish chemicals producer Ciech is mulling whether to go ahead with a new share issue worth zlotys (Zl) 600-900m which will be earmarked to finance acquisitions and expansion, a source at the company’s investor relations department said on Wednesday.
In the event, Ciech would spend the raised finance as part of a five-year Zl4.8bn ($2.2bn, €1.4bn) investment programme it began last year, he added.
“We see obtainable acquisitions at home and abroad, we see a chance for fast growth, so such a shares issue may make sense at this point in time,” the source said.
Soda ash maker Ciech has only made one big acquisition as part of its programme so far, namely the purchase late last year of
Ciech is aiming to increase its net profit threefold by 2011.
Meanwhile, both Ciech and Polish Oil & Gas Co (PGNiG) confirmed on Wednesday they had subscribed for shares that were to be made available in the initial public offering (IPO) of nitrogen fertilizer, caprolactam and plastics producer ZA Tarnow (ZAT).
The Polish state is privatising ZAT through an IPO on the Warsaw Stock Exchange.
Ciech was also looking at picking up stakes in two other firms set to be privatised, melamine, caprolactam and nitrogen fertilizer producer ZA Pulawy (ZAP) and nitrogen fertilizer and titanium dioxide (TiO2) producer Zaklady Chemiczne Police (ZChP), it said.
($1 = €0.64, $1 = Zl2.18)
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