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Chemicals
Ciech announces new forecast
after filing for IPO
State-owned Ciech SA chemicals trading group could get in trouble with the Polish Securities and Exchanges Commission after its spokesman has disclosed new earnings forecast during the quiet period, just days after filing for IPO. The company has originally said it expects net earnings of approximately 14.6 million zloty. However, on Wednesday Ciech spokesman Marek Klat said the company expects as much as 68.6 million zloty in profits. Ciech then refused to either publish a new forecast or call off its previous projection. ?We will publish our first-half financial results in a few days?, Klat promised in a telephone interview.
Ciech has filed its IPO prospectus on June 30. By law, IPO applicants must notify the SEC about all material changes...
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