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Foreign issuers on Warsaw Stock Exchange

Published: 29.05.2012


Foreign companies make up nearly 30% of WSE’s capitalization

The list of Warsaw Stock Exchange (WSE) issuers currently involves 47 foreign companies, including 40 listed on the WSE main market and 7 – on the alternative market NewConnect. While the foreign firms present on the main market constitute only 9.2% of the market’s total number of companies, the foreign issuers’ pooled capitalization at PLN 192.8 bln as of May 16, 2012, makes up as much as 29.7% of the WSE main market total capitalization.

2011 brought an increase of foreign issuers’ interest in WSE listing: we have seen as many as 15 foreign WSE debuts, the number including 12 debuts on the WSE main list. The last year’s main market debutants included, among others, 6 firms from Ukraine, 2 enterprises from Lithuania and 2 companies from Bulgaria, one of them being the country’s largest pharmaceuticals producer Sopharma AD. So far in 2012 the group of the WSE’s foreign issuers has been reinforced by merely one company – Slovenian pharmaceuticals producer Krka.

The most numerous group of WSE foreign issuers are firms from Ukraine, there are 11 of them listed on both the main and the alternative market, reports on the WSE website read. The second most numerous group is made up of Czech companies (there are 7 of them).

List of foreign companies listed on the WSE main market and its alternative market NewConnect as of May 16, 2012

Nazwa
Skrót
AERFINANCE PLC
AER
AGROLIGA GROUP PLC
AGL
AGROTON PUBLIC LIMITED
AGT
AGROWILL GROUP AB
AWG
ASBISc Enterprises PLC
ASB
Asseco Slovakia
ACS
Astarta Holding N.V
AST
Atlas Estates Limited
ATL
Automotive Components Europe SA
ACE
Avia Solutions Group
ASG
BELVEDERE S.A.
BVD
BGS ENERGY PLUS A.S.
BGS
bmp AG
BMP
Central European Distribution Corporation
CDC
CEZ a.s.
CEZ
Cinema-City International NV
CCI
COAL ENERGY S.A.
CLE
E-STAR ALTERNATIVE ENERGIASZOLGALTATO NYRT.
EST
EUROHOLD BULGARIA AD
EHG
FORTUNA ENTERTAINMENT GROUP N.V.
FEG
ICOM VISION HOLDING A.S.
ICM
INDUSTRIAL MILK COMPANY S.A.
IMC
Intercapital Property Development ADSIC
ICD
Kernel Holding S.A.
KER
KRKA. TOVARNA ZDRAVIL. D.D.. NOVO MESTO
KRK
KSG AGRO S.A.
KSG
KULCZYK OIL VENTURES INC.
KOV
MILKILAND N.V.
MLK
MOL Magyar Olaj - és Gázipari Részvénytársaság
MOL
New World Resources
NWR
NEW WORLD RESOURCES N.V.
NWN
NOVA KREDITNA BANKA MARIBOR D.D.
KBM
Olympic Entertainment Group AS
OEG
Orco Property Group S.A.
OPG
OVOSTAR UNION N.V.
OVO
Pegas Nonwovens SA
PGS
Photon Energy a.s.
PHO
Plaza Centers N.V.
PLZ
Reinhold Polska AB
RHD
Ronson Europe N.V.
RON
SADOVAYA GRUP Spółka Akcyjna
SGR
Silvano Fashion Group
SFG
SOPHARMA AD
SPH
TWIGONET EUROPE. SE
TWI
UniCredit
UCG
Warimpex Finanz & und Beteiligungs AG
WXF
WESTA ISIC S.A.
WES

source: WSE data processed by PAP

Amidst 40 foreign companies present on the WSE main market, 20 are listed in Warsaw exclusively, while the other 20 are on the WSE as part of the so called dual listing, with Warsaw not being their primary stock market. Dual-listing on the WSE has been selected e.g. by Czech energy group CEZ, which is also listed in Prague, or US-registered, Nasdaq-listed liquors distributor Central European Distribution Corporation (CEDC).

The Warsaw bourse’s international significance is also exemplified in the make-up of the list of its members – here, foreign entities constitute the majority (30 out of 57). The group of foreign WSE members, featuring institutions from 14 countries, includes quite a few players of global importance – suffice it to name Goldman Sachs, Morgan Stanley, Merrill Lynch, JP Morgan, Credit Suisse, Societe Generale, UBS, BNP Paribas or HSBC.

Winning and promoting foreign issuers is essential to WSE’s development strategy

The WSE consistently implements its strategy aimed at consolidating its position as the financial hub of the region of Central and Eastern Europe. The presence of foreign issuers is crucial in this respect, as it not only allows for increasing the WSE’s capitalization, but also lends it the status of an international market, thus encouraging other companies of the region to raise capital on the WSE. That said, it is no wonder the WSE takes a number of measures to promote the Warsaw stock market as a bourse friendly to foreign issuers and to advertise for foreign companies already listed on the WSE among domestic investors.

One of the initiatives seeking to address the first of the goals is the conference CEE IPO Summit, whose second edition is to be held at the WSE seat on May 30-31, 2012. CEE IPO Summit is designed to be not only a series of lectures and panel discussions, but also an occasion for entrepreneurs to strike up new contacts with potential business partners and to become familiar with the characteristics of the Warsaw capital market.
As part of the CEE IPO Summit, already on 7-8 May, 2012, WSE CEO Ludwik Sobolewski and the National Depository for Securities (KDPW) CEO Iwona Sroka, met with international journalists. The CEE IPO Summit Press Trip, for such was the name of the meeting, gathered representatives of the media from Israel, the Netherlands, Lithuania, Latvia, Slovakia and Ukraine. The talks touched upon, among other things, Warsaw’s role as the regional financial hub, foreign investors’ role on the WSE, the new trading system (UTP) and a technology alliance with the world’s biggest stock exchange NYSE Euronext.

Another focus, namely on promoting foreign WSE-listed firms listed among institutional investors, was adopted for the 2nd WSE International Companies' Forum, held on April 26, 2012. The meeting gathered 15 of the WSE’s foreign issuers as well as representatives of 48 financial institutions and brokerages. According to the WSE’s statement, the forum featured “open company presentations and one-on-one meetings between companies and investors.”

While discussing the WSE’s efforts to promote its foreign issuers, it seems worthwhile to report on the key initiatives of 2011, too. One of such initiatives was the introduction of the index WIG-Ukraine, the first index of WSE-listed foreign companies (and the second national index in general, after WIG-Poland), on May 4, 2011. The index’s portfolio currently comprises 10 companies whose seat or headquarters are located in Ukraine, or whose business is conducted to the greatest extent in this country: Agroton Public Limited, Astarta Holding, Coal Energy, Industrial Milk Company, Kernel Holding, KSG Agro, Milkiland, Ovostar Union, Sadovaya Group oraz Westa ISIC.

Yet another endeavor undertaken last year to promote the WSE in the region was CEE IPO Roadshow, which consisted in a series of meetings and seminars held in September 2011 in Budapest, Ljubljana, Kiev, Tel Aviv and Vilnius. During the meetings, the WSE was presented to over one hundred representatives of key companies from Hungary, Slovenia, Ukraine, Israel and Lithuania.

Last but not least, another of the WSE’s initiatives that has to be mentioned here is the ongoing program WSE IPO Partner – pursued since November 2006 in order to “facilitate foreign companies’ access to information and help them at debuting on the WSE.” The program targets foreign advisories that want to promote the Warsaw bourse in the area of their operations as the right place to raise capital. As underscored in the program’s description, the benefits coming from the cooperation in the WSE IPO Partner framework are mutual: the WSE pledges to provide its IPO partners with any necessary consultation, to grant them access to its promotional publications and to invite them to take part in events and conferences it holds. The list of the WSE’s IPO partners currently includes 26 entities.

List of institutions cooperating with the WSE in the framework of its program WSE IPO Partner as of May 16, 2012

  • AB "Finasta Corporate Finance
  • Altera Finance
  • Avantazh Capital Management LLC
  • Balkan Advisory Company
  • Beiten Burkhardt
  • Belarusbank
  • Belinvestbank
  • BG Capital LLC
  • Concorde Capital
  • Cyrrus, a.s.
  • Financial and Analytical Group Pro-Consulting Ltd.
  • Guardian Trust Securities S.A.
  • INFIN Financial Services
  • InterCapital Securities Ltd.
  • Investment Financial Closed Joint-Stock Company "ART-CAPITAL"
  • Investment Capital Ukraine LLC
  • Kreston GCG
  • Limited Liability Company "Alfa Capital"
  • Millennium Capital LLC
  • Priorbank JSC
  • Renaissance Securities
  • silkroutefinancial
  • Sokrat Capital
  • Uniter Investment Company CJSC
  • Wedbush Morgan Securities
  • Wood & Company Financial Services

source: WSE

Source - Polish Press Agency, Economic Service      

Medatdane

Published by: Agnieszka Steindl
Author: Public Relations Office
Last change: 29.05.2012
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