Source: Parkiet
The message of the death of Jan Kulczyk briefly plunged courses listed portfolio companies Kulczyk Investments. – Change of ownership always raises some concern – explain analysts.
– You can not write accurate history of transformation after 1989. Without considering the role of Jan Kulczyk. He was a great entrepreneur who was successful both in Poland and abroad – so the character of the deceased businessman says Leszek Balcerowicz, former deputy prime minister and head of the National Bank of Poland, Chairman of the Civic Development Forum.
Jan Kulczyk was the richest Pole. According to a recent ranking by “Wprost” his fortune was valued at approx. 16 billion zł. He worked primarily through investment group Kulczyk Investments (KI), which he owns. The most valuable asset in the group is three-percent stake in brewer SABMiller market value of about 9.5 billion zł.
KI also has controlling stakes in listed on the Warsaw Stock Exchange: Ciech Chemical, Energy Serinus raw materials, energy Polenerdze, as well as in the transport Pekaesie (currently underway procedure sale of the company).
Active in many fields
Jan Kulczyk built his empire largely on the basis of the acquired companies from the Treasury. Just to mention a loud transactions such as the purchase of Lech Brewery Wielkopolski and Polish Telecom. In the meantime, invest your money, eg. in the shares of the Society of Insurance and Reinsurance Warta, the Polish Oil Concern Orlen. He relied too Autostrada Wielkopolska – the first private company in Poland, which was granted a concession to build and operate toll highways. Kulczyk also showed high activity on the African market.
Recent investments KI is primarily a stock Ciech, who bought the year before, among others, from the Treasury. He paid after 31 zł per share. Since then, the paper manufacturer soda rose by more than 100 percent. Jan Kulczyk sat on the board of Ciech. Information about his death, even temporarily resulted in a 5-percent decline in the exchange rate.
– So bad message was reflected in the immediate market reaction. With a change in ownership there is always uncertainty, but the foundations of Ciech are good and I do not see reasons for concern – says Lukasz Prokopiuk, an analyst at DM BOS.
Tąpnęły quotes
On Wednesday, stocks got cheaper also Serinus Energy – as much as 8 percent. Companies owned by Jan Kulczyk are continuously largest shareholder of the company since its inception, ie since 2008. At that time the company registered Kulczyk Oil Ventures, which sought, among others, concessions for oil and gas exploration in Brunei and Syria. A year later it acquired the company seeker and the escaping gas to Ukraine. In 2010. KOV debuted on the Warsaw Stock Exchange. Two years ago the company acquired in Tunisia escaping oil company and changed its name to Serinus Energy.
Then came the problems, mainly in Ukraine. It’s especially about the deteriorating economic and financial situation of this country in connection with the ongoing armed conflict near the border with Russia. In addition, they increased taxes on mining and restricted the ability to exchange and transfer rates. If that was not enough, in June the company had to suspend oil production in Tunisia. The reason was that local protests. A few days ago, however, concluded an agreement with local communities and resumed production. There is also a chance to improve the situation in Ukraine. The government wants from the autumn reduce taxes on gas production.
A maximum of 3 percent. Pekaes shares got cheaper too. Kulczyk Holding since 2005. Is a shareholder in the logistics group. Four years later, he took over the company control. How much he spent on the purchase of shares Pekaes not known. It does not disclose too much Kulczyk Holding and companies associated with it zainkasują for the sale of 63-percent. shares, which will acquire Innova Capital fund. A few days ago, the parties signed an investment agreement and a conditional preliminary agreement for the sale. To complete the transaction, it is expected within three months. Earlier Innova Capital has, among others, obtain the consent of the OCCP the concentration.
Kulczyk Holding sells Pekaes, as a listed company does not fit into its strategy of investing. On the other hand, Innova Capital argues that the acquired group has great potential for further development and growth values. One of the strategic objectives of Pekaes is to develop through acquisitions. The company’s CEO recently informed “Parkiet” that it leads talks on potential acquisitions of several companies. The talks are pending, among others, the company that carries out transportation and handling general cargo.
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