Ciech mulls IPO of soda ash unit

18 May 2010 16:37  [Source: ICIS news]

PRAGUE (ICIS news)--Ciech is working on plans for a possible initial public offering (IPO) of shares in its soda ash division, Poland‘s largest chemical producer said on Tuesday.

The group, Europe's second biggest producer of soda ash, said the IPO was being considered as one option for raising capital to repay major debts owed to a group of banks.

The issuing of new share capital or convertible bonds, as well as the sale of noncore assets, such as the proposed disposal of phosphorous fertilizer unit Fosfory Ciech to fellow Polish chemical company Zaklady Azotowe Tarnow, were other options that could also be used to cut debt, it added.

The treasury ministry has said that Ciech's privatisation process would not be restarted until satisfactory progress had been made in addressing creditors' demands.

The Ciech group encompasses 58 companies including soda ash production units in Poland, Germany and Romania and Poland's sole maker of toluene di-isocyanate (TDI).

To discuss issues facing the chemical industry go to ICIS connect

By: Will Conroy
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly