ºÝºÝߣ

ºÝºÝߣShare a Scribd company logo
§¶§à§ß§Õ§à§Ó§Ú§Û §â§Ú§ß§à§Ü §±§à§Ý§î§ë?
§±§­§¡§¯
1.?§ã§ä§à§â?§ñ §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å §±§à§Ý§î§ë?
2.§²§Ö§Ô§å§Ý§ð§Ó§Ñ§ß§ß§ñ §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å §±§à§Ý§î§ë?
3.§¶§à§ß§Õ§à§Ó? §Ò?§â§Ø? §±§à§Ý§î§ë?, ?§ç§ß§ñ §ã§á§Ö§è?§Ñ§Ý?§Ù§Ñ§è?§ñ
4.§¬§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?§ñ §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å
5.§µ§é§Ñ§ã§ß§Ú§Ü§Ú §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å
6.§±§Ö§â§ã§á§Ö§Ü§ä§Ú§Ó§Ú §ä§Ñ §ä§Ö§ß§Õ§Ö§ß§è?? §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å
§±§à§Ý§î§ë?
?§³§´§°§²?§Á §¶§°§¯§¥§°§£§°§¤§° §²§ª§¯§¬§µ §±§°§­§¾§»?
§²§à§Ù§Ó§Ú§ä§à§Ü §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å §Ó §±§à§Ý§î§ë? §Ù§Ñ§á§à§é§Ñ§ä§Ü§à§Ó§Ñ§ß§à
§ë§Ö §Ù 1817 §â§à§Ü§å, §Ü§à§Ý§Ú §Ó§Ö§Ý§Ú§Ü§Ú§Û §Ü§ß§ñ§Ù§î §¬§à§ã§ä§ñ§ß§ä§Ú§ß
§±§Ñ§Ó§Ý§à§Ó§Ú§é §á?§Õ§á§Ú§ã§Ñ§Ó §å§Ü§Ñ§Ù §á§â§à §å§ä§Ó§à§â§Ö§ß§ß§ñ
§£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§à? §Ò?§â§Ø?. §³§á§à§é§Ñ§ä§Ü§å §ã§á§Ö§è?§Ñ§Ý?§Ù§å§ð§é§Ú§ã§î §ß§Ñ
§ä§à§â§Ô?§Ó§Ý? §ä§à§Ó§Ñ§â§Ñ§Þ§Ú, §Ò?§â§Ø§Ñ §á§à§ã§ä§å§á§à§Ó§à §Ù§â§à§ã§ä§Ñ§Ý§Ñ,
§â§à§Ù§ê§Ú§â§ð§Ó§Ñ§Ý§Ñ §Ý?§ß?§Û§Ü§å ?§ß§ã§ä§â§å§Þ§Ö§ß§ä?§Ó, §Õ§à§á§à§Ó§ß§ð§ð§é§Ú ??
§Ñ§Ü§è?§ñ§Þ§Ú, §à§Ò§Ý?§Ô§Ñ§è?§ñ§Þ§Ú §ä§Ñ §Ò§à§â§Ô§à§Ó§Ú§Þ§Ú §â§à§Ù§á§Ú§ã§Ü§Ñ§Þ§Ú.
§°§Õ§ß§Ñ§Ü §á?§ã§Ý§ñ §¥§â§å§Ô§à? §ã§Ó?§ä§à§Ó§à? §Ó?§Û§ß§Ú §ä§Ñ §Ù§Ñ§á§â§à§Ó§Ñ§Õ§Ø§Ö§ß§ß§ñ
§ã§à§è?§Ñ§Ý?§ã§ä§Ú§é§ß§à? §ã§Ú§ã§ä§Ö§Þ§Ú §Ô§à§ã§á§à§Õ§Ñ§â§ð§Ó§Ñ§ß§ß§ñ §Õ?§ñ§Ý§î§ß?§ã§ä§î
§æ§à§ß§Õ§à§Ó§Ú§ç §Ò?§â§Ø §á§â§Ú§á§Ú§ß§Ú§Ý§Ñ§ã§î.
?§Õ§Ú§ß§Ú§Þ §Õ§Ø§Ö§â§Ö§Ý§à§Þ §æ?§ß§Ñ§ß§ã§å§Ó§Ñ§ß§ß§ñ §á§â§à§Þ§Ú§ã§Ý§à§Ó§à§Ô§à §ã§Ö§Ü§ä§à§â§å §ã§ä§Ñ§Ó
§Ò§Ñ§ß§Ü?§Ó§ã§î§Ü§Ú§Û §Ü§â§Ö§Õ§Ú§ä, §ñ§Ü§Ú§Û §ß§Ñ§Õ§Ñ§Ó§Ñ§Ó§ã§ñ §ß§Ñ §á?§Õ§ã§ä§Ñ§Ó? §â?§ê§Ö§ß§î,
§á§â§Ú§Û§ß§ñ§ä§Ú§ç §è§Ö§ß§ä§â§Ñ§Ý§î§ß§Ú§Þ§Ú §á§Ý§Ñ§ß§à§Ó§Ú§Þ§Ú §à§â§Ô§Ñ§ß§Ñ§Þ§Ú. §°§Õ§ß§Ñ§Ü §å 1991
§â§à§è? §Õ?§ñ§Ý§î§ß?§ã§ä§î §Ò?§â§Ø§à§Ó§à? §ä§à§â§Ô?§Ó§Ý? §Ó §±§à§Ý§î§ë? §Ò§å§Ý§à §Ó?§Õ§ß§à§Ó§Ý§Ö§ß§à.
§©§à§Ü§â§Ö§Þ§Ñ §á§â§Ú§Ó§Ñ§ä§Ú§Ù§Ñ§è?§ñ §á?§Õ§á§â§Ú?§Þ§ã§ä§Ó §à§Ü§â§Ö§Þ§Ú§ç §Ô§Ñ§Ý§å§Ù§Ö§Û
§ã§å§á§â§à§Ó§à§Õ§Ø§å§Ó§Ñ§Ý§Ñ§ã§ñ §á§å§Ò§Ý?§é§ß§Ú§Þ §á§Ö§â§Ó§Ú§ß§ß§Ú§Þ §â§à§Ù§Þ?§ë§Ö§ß§ß§ñ §Ñ§Ü§è?§Û §ß§Ñ
§æ§à§ß§Õ§à§Ó?§Û §Ò?§â§Ø?. §£§à§Õ§ß§à§é§Ñ§ã §Ò§å§Ý§à §ã§ä§Ó§à§â§Ö§ß§à §ã§á§Ö§è?§Ñ§Ý§î§ß§Ú§Û
§ß§Ñ§Ô§Ý§ñ§Õ§à§Ó§Ú§Û §à§â§Ô§Ñ§ß ¨C §¬§à§Þ?§ã?§ð §Ù §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó ? §Ò?§â§Ø.
§²§¦§¤§µ§­§À§£§¡§¯§¯§Á §¶§°§¯§¥§°§£§°§¤§° §²§ª§¯§¬§µ §±§°§­§¾§»?
§¶§à§ß§Õ§à§Ó§Ú§Û §â§Ú§ß§à§Ü §±§à§Ý§î§ë? §â§Ö§Ô§å§Ý§ð?§ä§î§ã§ñ §Ù§Ñ§Ü§à§ß§Ñ§Þ§Ú §á§â§à §Ó?§Õ§Ü§â§Ú§ä§å
§Ö§Þ?§ã?§ð §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó, §å§Þ§à§Ó§Ú §Ó§Ó§Ö§Õ§Ö§ß§ß§ñ §æ?§ß§Ñ§ß§ã§à§Ó§Ú§ç
?§ß§ã§ä§â§å§Þ§Ö§ß§ä?§Ó §ß§Ñ §à§â§Ô§Ñ§ß?§Ù§à§Ó§Ñ§ß§Ú§Û §â§Ú§ß§à§Ü §ä§Ñ §Ñ§Ü§è?§à§ß§Ö§â§ß? §Ü§à§Þ§á§Ñ§ß??;
§á§â§à §ä§à§â§Ô?§Ó§Ý§ð §æ?§ß§Ñ§ß§ã§à§Ó§Ú§Þ§Ú ?§ß§ã§ä§â§å§Þ§Ö§ß§ä§Ñ§Þ§Ú, §á§â§à §ß§Ñ§Ô§Ý§ñ§Õ §Ù§Ñ
§æ?§ß§Ñ§ß§ã§à§Ó§Ú§Þ §â§Ú§ß§Ü§à§Þ. §±§â§Ú§Û§ß§ñ§ä§ä§ñ §Ù§Ñ§Ù§ß§Ñ§é§Ö§ß§Ú§ç §Õ§à§Ü§å§Þ§Ö§ß§ä?§Ó
§ã§á§â§Ú§ñ§Ý§à §å§Õ§à§ã§Ü§à§ß§Ñ§Ý§Ö§ß§ß§ð §Ù§Ñ§Ü§à§ß§à§Õ§Ñ§Ó§ã§ä§Ó§Ñ §Ó §è?§Û §ã§æ§Ö§â? §ä§Ñ §Û§à§Ô§à
§Ô§Ñ§â§Þ§à§ß?§Ù§Ñ§è?? §Ù? §ã§ä§Ñ§ß§Õ§Ñ§â§ä§Ñ§Þ§Ú, §ñ§Ü? §Ó?§Õ§á§à§Ó?§Õ§Ñ§ð§ä§î §Õ§Ú§â§Ö§Ü§ä§Ú§Ó§Ñ§Þ
?§³.
§¶§à§ß§Õ§à§Ó§å §Ò?§â§Ø§å §â§Ö§Ô§å§Ý§ð? §¡§Ô§Ö§ß§ã§ä§Ó§à §Ù §æ?§ß§Ñ§ß§ã§à§Ó§à§Ô§à §ß§Ñ§Ô§Ý§ñ§Õ§å, §ñ§Ü§Ö
§Ò§å§Ý§à §ã§ä§Ó§à§â§Ö§ß§à §å 2006 §â§à§è?.
§¬§à§Þ?§ã?§ñ §Ù §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §±§à§Ý§î§ë? ? §ß§Ñ§Û§Ó§Ñ§Ø§Ý§Ú§Ó?§ê§Ú§Þ §à§â§Ô§Ñ§ß§à§Þ
§â§Ö§Ô§å§Ý§ð§Ó§Ñ§ß§ß§ñ §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó, ?? §æ§å§ß§Ü§è?? §Ò§Ñ§Ô§Ñ§ä§à §Ó §é§à§Þ§å
§Ñ§ß§Ñ§Ý§à§Ô?§é§ß? §Õ?§ñ§Ý§î§ß§à§ã§ä? §¬§à§Þ?§ã?? §Ù §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó ? §Ò?§â§Ø §³§º§¡ ?
§Ó§Ü§Ý§ð§é§Ñ§ð§ä§î §ß§Ñ§ã§ä§å§á§ß? §à§ã§ß§à§Ó§ß? §á§à§Ý§à§Ø§Ö§ß§ß§ñ:
- §±§â§à§Ó§Ö§Õ§Ö§ß§ß§ñ §Ý?§è§Ö§ß§Ù§å§Ó§Ñ§ß§ß§ñ §Õ?§ñ§Ý§î§ß§à§ã§ä? §å§é§Ñ§ã§ß§Ú§Ü?§Ó §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç
§á§Ñ§á§Ö§â?§Ó (§å §ä§à§Þ§å §é§Ú§ã§Ý? §Ò§Ñ§ß§Ü?§Ó, §Ü§à§Þ§á§Ñ§ß?§Û §ä§Ñ §æ§Ñ§ç?§Ó§è?§Ó §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å)
§ß§Ñ §à§ã§ß§à§Ó? §Ó§Ú§â§à§Ò§Ý§Ö§ß§ß§ñ §ã§á?§Ý§î§ß§Ú§ç §â?§ê§Ö§ß§î §Ù §³§²§° - §Ò?§â§Ø§Ñ§Þ§Ú,
§Õ§Ö§á§à§Ù§Ú§ä§Ñ§â?§ñ§Þ§Ú, §â?§Ù§ß§Ú§Þ§Ú §Ñ§ã§à§è?§Ñ§è?§ñ§Þ§Ú §å§é§Ñ§ã§ß§Ú§Ü?§Ó §â§Ú§ß§Ü§å;
- §²§à§Ù§â§à§Ò§Ü§Ñ §à§ã§ß§à§Ó §â§Ö§Ô§å§Ý§ð§Ó§Ñ§ß§ß§ñ §å §ã§æ§Ö§â? §æ§à§â§Þ§å§Ó§Ñ§ß§ß§ñ ?§ß§Ó§Ö§ã§ä§Ú§è?§Û§ß§à-
§Ü§à§Þ§á§Ö§ß§ã§Ñ§è?§Û§ß§Ú§ç §ã§Ú§ã§ä§Ö§Þ;
- §°§Ò§Ô§â§å§ß§ä§å§Ó§Ñ§ß§ß§ñ §Ó§Ú§Þ§à§Ô §ë§à§Õ§à §Ù§Ñ§Ò§Ö§Ù§á§Ö§é§Ö§ß§ß§ñ §à§Ò?§Ô§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §ß§Ñ §Ò?§â§Ø?
? §á§à§Ù§Ñ§Ò?§â§Ø§à§Ó§à§Þ§å §â§Ú§ß§Ü§å;
- §±§â§à§Ó§Ö§Õ§Ö§ß§ß§ñ §â§Ö?§ã§ä§â§Ñ§è?? §Ó§Ú§á§å§ã§Ü?§Ó §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §á§â§Ú§Ó§Ñ§ä§ß§Ú§ç §Ö§Þ?§ä§Ö§ß§ä?§Ó §ä§Ñ
?§ß.
§¬§à§Þ§á§Ý§Ö§Ü§ã§ß§Ñ §ã§Ú§ã§ä§Ö§Þ§Ñ §â§Ö§Ô§å§Ý§ð§Ó§Ñ§ß§ß§ñ §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §±§à§Ý§î§ë? §Ù§ß§Ñ§ç§à§Õ§Ú§ä§î
§Ò§Ö§Ù§á§à§ã§Ö§â§Ö§Õ§ß? §Ó?§Õ§à§Ò§â§Ñ§Ø§Ö§ß§ß§ñ §Ó §à§ã§ß§à§Ó§ß§Ú§ç §Ù§Ñ§Ü§à§ß§à§Õ§Ñ§Ó§é§Ú§ç §Ñ§Ü§ä§Ñ§ç, §å §ä§à§Þ§å §é§Ú§ã§Ý? §Ó
§é§Ú§ß§ß§à§Þ§å §©§Ñ§Ü§à§ß? §á§â§à §á§å§Ò§Ý?§é§ß§à§Þ§å §Ù§Ó§Ö§â§ß§Ö§ß§ß? §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó. §µ §Õ§Ñ§ß§à§Þ§å §©§Ñ§Ü§à§ß?
§Ó§Ú§Ù§ß§Ñ§é§Ö§ß? §á§Ö§â§ã§á§Ö§Ü§ä§Ú§Ó§ß? §Ù§Ñ§ç§à§Õ§Ú §æ§å§ß§Ü§è?§à§ß§å§Ó§Ñ§ß§ß§ñ §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó, §ë§à
§Ó§Ü§Ý§ð§é§Ñ§ð§ä§î §Ý?§Ò§Ö§â§Ñ§Ý?§Ù§Ñ§è?§ð §á§â§à§è§Ö§ã§å §Õ§à§á§å§ã§Ü§å §Õ§à §à§Ò?§Ô§å §ß§à§Ó§Ú§ç §Ó§Ú§á§å§ã§Ü?§Ó §è?§ß§ß§Ú§ç
§á§Ñ§á§Ö§â?§Ó §Ö§Þ?§ä§Ö§ß§ä?§Ó, §å §ä§à§Þ§å §é§Ú§ã§Ý? §Ù§Ñ §Ü§à§â§Õ§à§ß§à§Þ; §ã§Ú§ã§ä§Ö§Þ§Ñ§ä§Ú§Ù§à§Ó§Ñ§ß§Ñ §Õ?§ñ§Ý§î§ß?§ã§ä§î
§¬§à§Þ?§ã?? §Ù §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó, §ñ§Ü§Ñ ? §à§ã§ß§à§Ó§ß§Ú§Þ §à§â§Ô§Ñ§ß§à§Þ §ß§Ñ§Ô§Ý§ñ§Õ§å §Ù§Ñ §Õ?§ñ§Ý§î§ß?§ã§ä§ð
§ä§à§Ó§Ñ§â§ß§Ú§ç §Ò?§â§Ø; §Ó§ã§ä§Ñ§ß§à§Ó§Ý§Ö§ß? §á§â§Ñ§Ó§Ñ §â§Ö§Ù§Ú§Õ§Ö§ß§ä?§Ó §Ü§â§Ñ?§ß§Ú §á§â§Ú§Õ§Ò§Ñ§Ó§Ñ§ä§Ú ?§ß§à§Ù§Ö§Þ§ß?
§è?§ß§ß? §á§Ñ§á§Ö§â§Ú, §Ñ §ä§Ñ§Ü§à§Ø §Ó§Ú§Ù§ß§Ñ§é§Ö§ß? §á§à§Ý§à§Ø§Ö§ß§ß§ñ, §á§à§Ó'§ñ§Ù§Ñ§ß? §Ù §â§à§Ù§ê§Ú§â§Ö§ß§ß§ñ§Þ
§â§Ö§Ñ§Ý?§Ù§Ñ§è?? §à§á§Ö§â§Ñ§è?§Û §Ò§â§à§Ü§Ö§â§ã§î§Ü§Ú§Þ§Ú §æ?§â§Þ§Ñ§Þ§Ú.
§£§¡§²§º§¡§£§³§¾§¬§¡ §¶§°§¯§¥§°§£§¡ §¢?§²§¨§¡
? §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§Ñ §æ§à§ß§Õ§à§Ó§Ñ §Ò?§â§Ø§Ñ ¡ª §ß§Ñ§Û§Ò?§Ý§î§ê§Ñ §æ§à§ß§Õ§à§Ó§Ñ §Ò?§â§Ø§Ñ §³§ç?§Õ§ß§à?
§ä§Ñ §¸§Ö§ß§ä§â§Ñ§Ý§î§ß§à? ?§Ó§â§à§á§Ú.
? §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§Ñ §æ§à§ß§Õ§à§Ó§Ñ §Ò?§â§Ø§Ñ §Ù§Ñ§Û§ß§ñ§Ý§Ñ §Õ§â§å§Ô§Ö §Þ?§ã§è§Ö §Ó ?§Ó§â§à§á? §Ù§Ñ
§Ü?§Ý§î§Ü?§ã§ä§ð IPO §Ó 2013 §â§à§è? (§á?§ã§Ý§ñ §­§à§ß§Õ§à§ß§ã§î§Ü§à? §æ§à§ß§Õ§à§Ó§à? §Ò?§â§Ø?), §Ù§Ô?§Õ§ß§à
§Ù §Õ§Ñ§ß§Ú§Þ§Ú IPO Watch Europe, §à§á§å§Ò§Ý?§Ü§à§Ó§Ñ§ß§à§Ô§à
PricewaterhouseCoopers.
§£§Ñ§Ý§ð§ä§Ñ §ä§à§â§Ô?§Ó- §Ù§Ý§à§ä§Ú§Û, ?§Ó§â§à.
§¢?§â§Ø§Ö§Ó? ?§ß§Õ§Ö§Ü§ã§Ú - WIG: §Ó§ã? §Ù§Ñ§â§Ö?§ã§ä§â§à§Ó§Ñ§ß? §ß§Ñ §Ò?§â§Ø? §Ü§à§Þ§á§Ñ§ß??, WIG-20: 20
§ß§Ñ§Û§Ò?§Ý§î§ê§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û.
?§¯§°§©§¦§®§¯? §¬§°§®§±§¡§¯??, §»§° §¬§°§´§µ§À§´§¾§³§Á §¯§¡ §£§¶§¢
SKYEUROPE
WARIMPEX
IMMOEAST
SILVANO
OLYMPIC
BMP AG
MOL
AMREST
CINEMA CITY
PLAZA CENTER
CEZ
PEGAS
ASSECO
ACE
ASTARTA
KERNEL
CEDC
ASBIS
ORCO GROUP
REINHOLD
RONSON
UNICREDIT
ITALIANO
ATLAS ESTATES
?§¯§°§©§¦§®§¯? §¬§°§®§±§¡§¯??
¡í §¬§°§®§±§¡§¯?§Á §¬§²§¡?§¯§¡ §³§¦§¬§´§°§²
14 ORCO (2007) §­§À§¬§³§¦§®§¢§µ§²§¤ §¢§µ§¥?§£§¯§ª§¸§´§£§°
15 SILVANO FASHION GROUP (2007) §¦§³§´§°§¯?§Á
§´§¦§¬§³§´§ª§­§¾§¯§¦ §£§ª§²§°§¢§¯§ª§¸§´§£§°,
§´§°§²§¤?§£§­§Á
16
OLYMPIC ENTERTAINMENT
GROUP(2007)
§¦§³§´§°§¯?§Á §°§±§¦§²§¡§´§°§² §¬§¡§©§ª§¯§°
17 PLAZA CENTER N.V. (2007) §¯?§¥§¦§²§­§¡§¯§¥§ª §¢§µ§¥?§£§¯§ª§¸§´§£§°
18 ASBIS (2007) §¬?§±§²
§¥§ª§³§´§²§ª§¢§µ§¸?§Á §¬§°§®§±'§À§´§¦§²§¯§ª§·
§¬§°§®§±§­§¦§¬§´§µ§À§¹§ª§· ? §£§ª§²§°§¢§¯§ª§¸§´§£§°
§°§¢§¹§ª§³§­§À§£§¡§­§¾§¯§°? §´§¦§·§¯?§¬§ª
19 RONSON ?§©§²§¡?§­§¾ / §¯?§¥§¦§²§­§¡§¯§¥§ª
§¢§µ§¥?§£§¯§ª§¸§´§£§°
20 KERNEL §µ§¬§²§¡?§¯§¡ §·§¡§²§¹§°§£§¡ §±§²§°§®§ª§³§­§°§£?§³§´§¾
21 REINHOLD POLSKA §º§£§¦§¸?§Á §²§ª§¯§°§¬ §¯§¦§²§µ§·§°§®§°§³§´?
22 UNICREDIT ?§´§¡§­?§Á §¢§¡§¯§¬?§£§³§¾§¬§ª§« §³§¦§¬§´§°§²
23 ATLAS ESTATES (2008) §°§³§´§²?§£ §¥§¨§¦§²§³?
(§Ü§Ñ§ß§Ñ§Ý §­§Ñ §®§Ñ§ê§ß)
§²§ª§¯§°§¬ §¯§¦§²§µ§·§°§®§°§³§´?
24 BELVEDERE §¶§²§¡§¯§¸?§Á §£§ª§²§°§¢§¯§ª§¬ §¡§­§¬§°§¤§°§­§À
25 NEW WORLD RESOURCES §¤§°§­§­§¡§¯§¥?§Á §£§µ§¤§­§¦§¥§°§¢§µ§£§¯§¡ §±§²§°§®§ª§³§­§°§£?§³§´§¾
§³§´§²§µ§¬§´§µ§²§¡ §¢?§²§¨?
§²§Ö§Ô§å§Ý§î§à§Ó§Ñ§ß§Ú§Û §â§Ú§ß§à§Ü
§£§¢§¸§±
§¯§Ö§â§Ö§Ô§å§Ý§î§à§Ó§Ñ§ß§Ú§Û §â§Ú§ß§à§Ü
(§Ñ§Ý§î§ä§Ö§â§ß§Ñ§ä§Ú§Ó§ß§Ñ §á§Ý§à§ë§Ñ§Õ§Ü§Ñ)
§¥§°§³§´§µ§± §¥§° §£§¶§¢
§±§µ§¢§­?§¹§¯§¦ §²§°§©§®?§»§¦§¯§¯§Á
§±§²§°§³§±§¦§¬§´ §¦§®?§³?? §®§¦§®§°§²§¡§¯§¥§µ§®
? §¶?§ß§Ñ§ß§ã§à§Ó? §Ó§Ú§Þ§à§Ô§Ú
? §¶?§ß§Ñ§ß§ã§à§Ó§Ñ §Ù§Ó?§ä§ß?§ã§ä§î §ä§Ñ §Ñ§å§Õ§Ú§ä§à§â§ã§î§Ü?
§Ó§Ú§ã§ß§à§Ó§Ü§Ú §Ù§Ñ §à§ã§ä§Ñ§ß§ß? 3 §â§à§Ü§Ú
? §ä§â§Ú§Ó§Ñ§Ý?§ã§ä§î §á§â§à§è§Ö§Õ§å§â§Ú: 6-9 §Þ?§ã§ñ§è?§Ó
§±§²§ª§£§¡§´§¯§¦ §²§°§©§®?§»§¦§¯§¯§Á
?§¯§¶§°§²§®§¡§¸?§«§¯§ª§« §¥§°§¬§µ§®§¦§¯§´
? §Ó?§Õ§ã§å§ä§ß?§ã§ä§î §æ?§ß§Ñ§ß§ã§à§Ó§Ú§ç §Ó§Ú§Þ§à§Ô
? §Õ§à§á§å§ã§Ü §ß§à§Ó§à§ã§ä§Ó§à§â§Ö§ß§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û
? §ä§â§Ú§Ó§Ñ§Ý?§ã§ä§î §á§â§à§è§Ö§Õ§å§â§Ú: §Ò§Ý§Ú§Ù§î§Ü§à 3-
§ç §Þ?§ã§ñ§è?§Ó
§­?§³§´§ª§¯§¤ §£§¶§¢
§£ §à§ã§ä§Ñ§ß§ß? §â§à§Ü§Ú §£§¶§¢ §Ù§Ñ§Ó§à§ð§Ó§Ñ§Ý§Ñ §â§Ö§á§å§ä§Ñ§è?§ð §á§â§Ú§Ó§Ñ§Ò§Ý§Ú§Ó§à§Ô§à §â§Ú§ß§Ü§å
§Ü§Ñ§á?§ä§Ñ§Ý§å §ñ§Ü §Õ§Ý§ñ §á§à§Ý§î§ã§î§Ü§Ú§ç, §ä§Ñ§Ü ? ?§ß§à§Ù§Ö§Þ§ß§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û, §à§ã§à§Ò§Ý§Ú§Ó§à §Ù
§Ü§â§Ñ?§ß §¸§Ö§ß§ä§â§Ñ§Ý§î§ß§à? §ä§Ñ §³§ç?§Õ§ß§à? ?§Ó§â§à§á§Ú. §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§Ú§Û §â§Ú§ß§à§Ü
§Ü§Ñ§á?§ä§Ñ§Ý§å §á§Ö§â§Ö§ä§Ó§à§â§Ú§Ó§ã§ñ §Ó §à§Õ§ß§å §Ù §ß§Ñ§Û§Ò?§Ý§î§ê §Ñ§Ü§ä§Ú§Ó§ß§Ú§ç §æ§à§ß§Õ§à§Ó§Ú§ç §Ò?§â§Ø
§Ó ?§Ó§â§à§á? c §Ó§Ú§ã§à§Ü§Ú§Þ§Ú §á§à§Ü§Ñ§Ù§ß§Ú§Ü§Ñ§Þ§Ú §ñ§Ü §Ù§Ñ §Ü?§Ý§î§Ü?§ã§ä§ð §å§Ô§à§Õ IPO, §ä§Ñ§Ü ? §Ù§Ñ
?§ç §Ó§Ñ§â§ä?§ã§ä§ð. §µ 2009 §â§à§è? §£§¶§¢ §Ù§Ñ§Û§ß§ñ§Ý§Ñ §á§Ö§â§ê§Ö §Þ?§ã§è§Ö §ã§Ö§â§Ö§Õ
§à§ã§ß§à§Ó§ß§Ú§ç ?§Ó§â§à§á§Ö§Û§ã§î§Ü§Ú§ç §â§Ú§ß§Ü?§Ó §Ü§Ñ§á?§ä§Ñ§Ý§å §Ù§Ñ §Ü?§Ý§î§Ü?§ã§ä§ð §å§Ô§à§Õ IPO, §Ñ
§å§Ô§à§Õ§Ñ IPO §Ü§à§Þ§á§Ñ§ß?? PGE Polska Grupa Energetyczna §ã§ä§Ñ§Ý§Ñ
§ß§Ñ§Û§Ò?§Ý§î§ê§Ú§Þ §â§à§Ù§Þ?§ë§Ö§ß§ß§ñ§Þ §Ñ§Ü§è?§Û §Ó ?§Ó§â§à§á? §Ù§Ñ §Ó§Ü§Ñ§Ù§Ñ§ß§Ú§Û §â?§Ü.
? §°§ã§ä§Ñ§ß§ß?§Þ§Ú §â§à§Ü§Ñ§Þ§Ú §Ü?§Ý§î§Ü?§ã§ä§î §Ü§à§Þ§á§Ñ§ß?§Û, §ë§à §Ù§ß§Ñ§ç§à§Õ§ñ§ä§î§ã§ñ §Ó §Ý?§ã§ä§Ú§ß§Ô§å
§£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§à? §æ§à§ß§Õ§à§Ó§à? §Ò?§â§Ø?, §á§à§ã§ä?§Û§ß§à §Ù§Ò?§Ý§î§ê§å?§ä§î§ã§ñ §©§à§Ü§â§Ö§Þ§Ñ, §Ó 2003 §â
§Ó §Ý?§ã§ä§Ú§ß§Ô§å §Ò?§â§Ø? §á§Ö§â§Ö§Ò§å§Ó§Ñ§Ý§à 203 §Ü§à§Þ§á§Ñ§ß??, §ã§Ö§â§Ö§Õ §ñ§Ü§Ú§ç §Ó§á§Ö§â§ê§Ö
§Ù'§ñ§Ó§Ú§Ý§Ñ§ã§ñ §à§Õ§ß§Ñ ?§ß§à§Ù§Ö§Þ§ß§Ñ §Ü§à§Þ§á§Ñ§ß?§ñ §µ 2004 §â §Ó §Ý?§ã§ä§Ú§ß§Ô§å §£§¶§¢
§Ù§ß§Ñ§ç§à§Õ§Ú§Ý§à§ã§î 230 §Ü§à§Þ§á§Ñ§ß?§Û (§Ó §ä§à§Þ§å §é§Ú§ã§Ý? 5 ?§ß§à§Ù§Ö§Þ§ß§Ú§ç) , §Ó 2005 §â - 255
§Ü§à§Þ§á§Ñ§ß?§Û (7 ?§ß§à§Ù§Ö§Þ§ß§Ú§ç), §Ó 2006 §â, - 273 §Ü§à§Þ§á§Ñ§ß?? (9 ?§ß§à§ã§ä§â§Ñ§ß§ß§Ú§ç§Þ§ß?§ç).
§¥§¦§­?§³§´§ª§¯§¤ §£§¶§¢
§¸§ñ §á§â§à§è§Ö§Õ§å§â§Ñ §à§â§Ô§Ñ§ß?§Ù§å?§ä§î§ã§ñ §ß§Ñ §Ò?§â§Ø? §Ó §ß§Ñ§ã§ä§å§á§ß§Ú§ç §Ó§Ú§á§Ñ§Õ§Ü§Ñ§ç, §Ü§à§Ý§Ú:
1. §Ö§Þ?§ä§Ö§ß§ä §à§Ô§à§Ý§à§ê§Ö§ß§Ú§Û §Ò§Ñ§ß§Ü§â§å§ä§à§Þ §Ñ§Ò§à §Û§à§Ô§à §æ?§ß§Ñ§ß§ã§à§Ó§Ö §ã§ä§Ñ§ß§à§Ó§Ú§ë§Ö §Ó§Ú§Ù§ß§Ñ§ß§à
§ß§Ö§Ù§Ñ§Õ§à§Ó?§Ý§î§ß§Ú§Þ §ß§Ñ §à§ã§ß§à§Ó? §ß§Ñ§ã§ä§å§á§ß§Ú§ç §Ü§Ó§Ñ§â§ä§Ñ§Ý§î§ß§Ú§ç §Ò§å§ç§Ô§Ñ§Ý§ä§Ö§â§ã§î§Ü§Ú§ç §Ò§Ñ§Ý§Ñ§ß§ã?§Ó ? §Ù§Ó?§ä?§Ó;
2. §ã§Ü§à§â§à§ä§Ú§Ý§Ú§ã§ñ §Þ§Ñ§ã§ê§ä§Ñ§Ò§Ú §á§å§Ò§Ý?§é§ß§à§Ô§à §â§à§Ù§Þ?§ë§Ö§ß§ß§ñ §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó, §Ñ§Ò§à §è?§ß§ß? §á§Ñ§á§Ö§â§Ú
§á§Ö§â§Ö§ã§ä§Ñ§Ý§Ú §Ó?§Õ§á§à§Ó?§Õ§Ñ§ä§Ú §Þ?§ß?§Þ§Ñ§Ý§î§ß§Ú§Þ §Ó§Ú§Þ§à§Ô§Ñ§Þ §Ò?§â§Ø§à§Ó§à§Ô§à §Ý?§ã§ä§Ú§ß§Ô§å;
3. §Ö§Þ?§ä§Ö§ß§ä §Ù§Ñ §á§Ú§ã§î§Þ§à§Ó§à§ð §Ù§Ñ§ñ§Ó§à§ð §Ó?§Õ§Ü§Ý§Ú§Ü§Ñ? §ã§Ó§à? §è?§ß§ß? §á§Ñ§á§Ö§â§Ú §Ù §Ý§Ú§ã§ä§Ú§ß§Ô§à§Ó§à§Ô§à
§ã§á§Ú§ã§Ü§å, §ß§Ñ§á§â§Ú§Ü§Ý§Ñ§Õ, §å §Ù§Ó'§ñ§Ù§Ü§å §Ù §à§Ò§Þ?§ß§à§Þ §ã§Ó§à?§ç §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §à§Õ§ß§à§Ô§à §Ó§Ú§á§å§ã§Ü§å §ß§Ñ
§Ù§ß§à§Ó§å §Ó§Ú§á§å§ë§Ö§ß? §è?§ß§ß? §á§Ñ§á§Ö§â§Ú, §á§â§Ú §Õ§â§à§Ò§Ý§Ö§ß§ß? §Ñ§Ü§è?§Û, §Ù§Ý§Ú§ä§ä§ñ §Ù ?§ß§ê§à§ð §æ?§â§Þ§à§ð ? §ä.§á.
4. §Ö§Þ?§ä§Ö§ß§ä §ß§Ö §á§à§Õ§Ñ? §ë§à§â?§é§ß? (§ë§à§Ü§Ó§Ñ§â§ä§Ñ§Ý§î§ß?) §Ù§Ó?§ä§Ú §á§â§à §ã§Ó§à§ð §Õ?§ñ§Ý§î§ß?§ã§ä§î §å
§Ó§ã§ä§Ñ§ß§à§Ó§Ý§Ö§ß? §Õ§à§Ô§à§Ó§à§â§à§Þ §ä§Ö§â§Þ?§ß§Ú, §á§à§â§å§ê§å? §ã§ä§â§à§Ü§Ú §à§á§Ý§Ñ§ä§Ú §Ö§Ü§ã§á§Ö§â§ä§Ú§Ù§Ú §Ñ§Ò§à ?§ß§ê?
§å§Þ§à§Ó§Ú §Õ§à§Ô§à§Ó§à§â§å §á§â§à §Ý?§ã§ä§Ú§ß§Ô§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó
?§¯§¥§¦§¬§³§ª §£§¢§¶
§¥§Ý§ñ §Ù§â§å§é§ß§à§ã§ä? ?§ß§Ó§Ö§ã§ä§à§â?§Ó §Ò§å§Ý§à §Ù§Ñ§á§â§à§Ó§Ñ§Õ§Ø§Ö§ß§à §Ò?§â§Ø§à§Ó? ?§ß§Õ§Ö§Ü§ã§Ú - §á§à§Ü§Ñ§Ù§ß§Ú§Ü§Ú, §ß§Ñ
§á?§Õ§ã§ä§Ñ§Ó? §ñ§Ü§Ú§ç §Þ§à§Ø§ß§Ñ §à§è?§ß§Ú§ä§Ú §â§Ú§ß§Ü§à§Ó§å §ã§Ú§ä§å§Ñ§è?§ð, §ß§Ö §Ñ§ß§Ñ§Ý?§Ù§å§ð§é§Ú §Ù§Þ?§ß §Ü§å§â§ã?§Ó
§à§Ü§â§Ö§Þ§Ú§ç §Ñ§Ü§è?§Û. §¯§Ñ §è? §á§à§Ü§Ñ§Ù§ß§Ú§Ü§Ú §Ó§á§Ý§Ú§Ó§Ñ§ð§ä§î §ã§á§Ñ§Õ§Ú ? §Ù§â§à§ã§ä§Ñ§ß§ß§ñ §Ó§Ñ§â§ä§à§ã§ä? §Ñ§Ü§è?§Û.
§£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§Ñ §Ò?§â§Ø§Ñ §á§å§Ò§Ý?§Ü§å? §Ü?§Ý§î§Ü§Ñ ?§ß§Õ§Ö§Ü§ã?§Ó: WIG, WIG20, MIDWIG, WIRR, NIF.
?§ß§Õ§Ö§Ü§ã WIG §à§Ò§é§Ú§ã§Ý§ð§ð§ä§î §Õ§Ý§ñ §Ó§ã?§ç §ä§à§Ó§Ñ§â§Ú§ã§ä§Ó, §ñ§Ü? §Ü§à§ä§Ú§â§å§ð§ä§î§ã§ñ §ß§Ñ §à§ã§ß§à§Ó§ß§à§Þ§å §â§Ú§ß§Ü§å
§Ò?§â§Ø?, WIRR - §ß§Ñ §á§Ñ§â§Ñ§Ý§Ö§Ý§î§ß§à§Þ§å §â§Ú§ß§Ü§å, WIG20 - §Õ§Ý§ñ 20 §ß§Ñ§Û§Ò?§Ý§î§ê§Ú§ç §ä§à§Ó§Ñ§â§Ú§ã§ä§Ó, §ñ§Ü?
§Ü§à§ä§Ú§â§å§Ó§Ñ§Ý§Ú§ã§ñ §ß§Ñ §à§ã§ß§à§Ó§ß§à§Þ§å §â§Ú§ß§Ü§å, §Ñ MIDWIG - §Õ§Ý§ñ 40 §ã§Ö§â§Ö§Õ§ß?§ç §ä§à§Ó§Ñ§â§Ú§ã§ä§Ó §Ù §è§î§à§Ô§à
§â§Ú§ß§Ü§å. ?§ß§Õ§Ö§Ü§ã NIF §à§Ò§é§Ú§ã§Ý§ð?§ä§î§ã§ñ §ß§Ñ §à§ã§ß§à§Ó? §Ü§å§â§ã?§Ó §Ñ§Ü§è?§Û §á'§ñ§ä§ß§Ñ§Õ§è§ñ§ä§Ú §ß§Ñ§è?§à§ß§Ñ§Ý§î§ß§Ú§ç
?§ß§Ó§Ö§ã§ä§Ú§è?§Û§ß§Ú§ç §æ§à§ß§Õ?§Ó.
§¸§Ö§ß§Ñ §¥§Ö§ß§î §¤§à§Õ §¥§Ñ§ä§Ñ
WIG20 WIG 20 1924 6.13 0.31% 3.01% 2016-12-19
WIG WIG 51129 14.05 0.02% 10.6% 2016-12-19
§¶§à§ß§Õ§à§Ó§Ú§Û §â§Ú§ß§à§Ü §±§à§Ý§î§ë?
§¬§¡§±?§´§¡§­?§©§¡§¸?§Á §¶§°§¯§¥§°§£§°§¤§° §²§ª§¯§¬§µ
? §©§Ô?§Õ§ß§à §Ù §à§è?§ß§Ü§à§ð §Ø§å§â§ß§Ñ§Ý§å Euromoney, §£§Ñ§â§ê§Ñ§Ó§ã§ã§î§Ü§Ñ §æ§à§ß§Õ§à§Ó§Ñ §Ò?§â§Ø§Ñ (WSE)
§Ò§å§Ý§Ñ §ß§Ñ§Ù§Ó§Ñ§ß§Ñ §Ü§â§Ñ§ë§Ú§Þ §ä§à§â§Ô§à§Ó§Ú§Þ §Þ§Ñ§Û§Õ§Ñ§ß§é§Ú§Ü§à§Þ §Ó §¸§Ö§ß§ä§â§Ñ§Ý§î§ß?§Û ? §³§ç?§Õ§ß?§Û ?§Ó§â§à§á?
(§¸§³?) §Ó 2012 §â§à§è?, §Ó§Ú§á§Ö§â§Ö§Õ§Ú§Ó§ê§Ú ?§Ü§à§Ý§Ö§Ô? §å §£?§Õ§ß?, §±§â§Ñ§Ù?, §¢§å§Õ§Ñ§á§Ö§ê§ä? ? §ä.§Õ . §©§Ñ
§Õ§Ñ§ß§Ú§Þ§Ú §ã§Ñ§Þ§à? WSE , §Ó 2012 §â§à§è? §Ó§à§ß§Ñ §Ô§Ö§ß§Ö§â§å§Ó§Ñ§Ý§Ñ 54,2% §à§Ò§ã§ñ§Ô§å §ä§à§â§Ô?§Ó§Ý?
§Ñ§Ü§è?§ñ§Þ§Ú §Ó §¸§³?.
? §¬§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?§ñ §Ñ§Ü§è?§Û §Ö§Þ?§ä§Ö§ß§ä?§Ó, §ë§à §ä§à§â§Ô§å§ð§ä§î§ã§ñ §Ó §£§Ñ§â§ê§Ñ§Ó?, §ã§ä§Ñ§ß§à§Ó§Ú§Ý§Ñ 47,2% §Ó?§Õ
§Ó§ã§î§à§Ô§à §â§Ú§ß§Ü§å §â§Ö§Ô?§à§ß§å. §¬§â?§Þ §ä§à§Ô§à, §ß§Ñ §é§Ñ§ã§ä§Ü§å §è??? WSE §Õ§à§Ó§Ö§Ý§à§ã§ñ 77,4% §ä§à§â§Ô?§Ó§Ý?
§æ'§ð§é§Ö§â§ã§Ñ§Þ§Ú §ß§Ñ §à§Ü§â§Ö§Þ? §Ñ§Ü§è?? ? ?§ß§Õ§Ö§Ü§ã§ß§Ú§Þ§Ú §æ'§ð§é§Ö§â§ã§Ñ§Þ§Ú, §Ñ §ä§Ñ§Ü§à§Ø §à§á§è?§à§ß§Ñ§Þ§Ú. §£§ã?
§è? §è§Ú§æ§â§Ú §ã§Ó?§Õ§é§Ñ§ä§î §á§â§à §ä§Ö, §ë§à §Ù§Ñ §à§ã§ä§Ñ§ß§ß? §Ü?§Ý§î§Ü§Ñ §â§à§Ü?§Ó §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü?§Û §Ò?§â§Ø?
§Ó§Õ§Ñ§Ý§à§ã§ñ §á§Ö§â§Ö§ä§Ó§à§â§Ú§ä§Ú§ã§ñ §Ó §à§Õ§ß§å §Ù §ß§Ñ§Û§Ò?§Ý§î§ê §ã§Ú§Ý§î§ß§Ú§ç §Þ§Ñ§Û§Õ§Ñ§ß§é§Ú§Ü?§Ó §Ó §â§Ö§Ô?§à§ß?.
§¯§Ñ WSE §ä§à§â§Ô§å§ð§ä§î§ã§ñ §Ñ§Ü§è?? §ä§Ñ§Ü§Ú§ç, §ß§Ñ§á§â§Ú§Ü§Ý§Ñ§Õ, §â§à§ã?§Û§ã§î§Ü§Ú§ç §Ö§Þ?§ä§Ö§ß§ä?§Ó, §ñ§Ü VTB, Renaissance
Capital ? SIB, §Ñ §ä§Ñ§Ü§à§Ø Exillon Energy Plc - §Ü§à§Þ§á§Ñ§ß?§ñ §Ù §ß§Ñ§æ§ä§à§Ó§Ú§Þ§Ú §Ñ§Ü§ä§Ú§Ó§Ñ§Þ§Ú §Ó §²§à§ã??,
§â§à§Ù§ä§Ñ§ê§à§Ó§Ñ§ß§Ú§Þ§Ú §Ó §©§Ñ§ç?§Õ§ß§à§Þ§å §³§Ú§Ò?§â§å ? §Ó §´§Ú§Þ§Ñ§ß§à-§±§Ö§é§à§â§ã§î§Ü§à§Þ§å §â§Ö§Ô?§à§ß?.
? §¯§Ñ §Ü?§ß§Ö§è§î §Ý§Ú§á§ß§ñ 2013 §â§à§Ü§å §ã§å§Þ§Ñ§â§ß§Ñ §â§Ú§ß§Ü§à§Ó§Ñ §Ü§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?§ñ
§Ó§Ý§Ñ§ã§ß§Ö §á§à§Ý§î§ã§î§Ü§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û, §Ñ§Ü§è?? §ñ§Ü§Ú§ç §Ü§à§ä§Ú§â§å§ð§ä§î§ã§ñ §ß§Ñ
§£§Ñ§â§ê§Ñ§Ó§ã§î§Ü?§Û §Ò?§â§Ø?, §á§Ö§â§Ö§Ò§å§Ó§Ñ§Ý§Ñ §Ò?§Ý§ñ §á§à§Ù§ß§Ñ§é§Ü§Ú $ 168 §Þ§Ý§â§Õ,
§ë§à §ã§ä§Ñ§ß§à§Ó§Ú§ä§î §á§â§Ú§Ò§Ý§Ú§Ù§ß§à 20% §£§£§± §Ü§â§Ñ?§ß§Ú, §â§à§Ù§â§Ñ§ç§à§Ó§Ñ§ß§à§Ô§à
§Ù§Ñ §á§Ñ§â§Ú§ä§Ö§ä§à§Þ §Ü§å§á?§Ó§Ö§Ý§î§ß§à? §ã§á§â§à§Þ§à§Ø§ß§à§ã§ä?. §´§Ñ§Ü§Ú§Û §â?§Ó§Ö§ß§î
§ã§á?§Ó§Ó?§Õ§ß§à§ê§Ö§ß§ß§ñ §ã§å§Þ§Ñ§â§ß§à? §Ü§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?? §ß§Ñ§è?§à§ß§Ñ§Ý§î§ß§à§Ô§à
§æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å §Õ§à §£§£§± §Ó §è?§Ý§à§Þ§å §Ó?§Õ§á§à§Ó?§Õ§Ñ? §Ñ§ß§Ñ§Ý§à§Ô?§é§ß§Ú§Þ
§á§à§Ü§Ñ§Ù§ß§Ú§Ü§Ñ§Þ §á§à§Õ?§Ò§ß§Ú§ç §â§Ú§ß§Ü?§Ó, §ë§à §â§à§Ù§Ó§Ú§Ó§Ñ§ð§ä§î§ã§ñ.
? §³§å§Þ§Ñ§â§ß§Ñ §â§Ú§ß§Ü§à§Ó§Ñ §Ü§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?§ñ ?§ß§à§Ù§Ö§Þ§ß§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û-
§Ö§Þ?§ä§Ö§ß§ä?§Ó §ß§Ñ §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü?§Û §Ò?§â§Ø? §ß§Ñ §Ü?§ß§Ö§è§î §é§Ö§â§Ó§ß§ñ 2013 §â§à§Ü§å
§ã§Ü§Ý§Ñ§Ý§Ñ $ 69 §Þ§Ý§â§Õ.
§¯§Ñ §Ü?§ß§Ö§è§î §é§Ö§â§Ó§ß§ñ 2013 §â§à§Ü§å §Ó §á'§ñ§ä?§â§Ü§å §á§â§à§Ó?§Õ§ß§Ú§ç §Ò§Ý§Ñ§Ü§Ú§ä§ß§Ú§ç §æ?§ê§à§Ü §Ù§Ñ
§â§à§Ù§Þ?§â§à§Þ §Ü§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?? §ä§Ñ §Ý?§Ü§Ó?§Õ§ß§à§ã§ä? §å§Ó?§Û§ê§Ý§Ú §Õ§Ó§Ñ §Ò§Ñ§ß§Ü§Ú, §à§Õ§ß§Ñ
§ã§ä§â§Ñ§ç§à§Ó§Ñ §Ü§à§Þ§á§Ñ§ß?§ñ, §à§Õ§ß§Ö §á?§Õ§á§â§Ú?§Þ§ã§ä§Ó§à §Ü§à§Ý§î§à§â§à§Ó§à? §Þ§Ö§ä§Ñ§Ý§å§â§Ô?? ?
§à§Õ§Ú§ß §ß§Ñ§æ§ä§à§ç?§Þ?§é§ß§Ú§Û §Ü§à§ß§è§Ö§â§ß.
§¯§Ñ§Ù§Ó§Ñ §´§Ú§Ü§Ö§â §¬?§Ý-§ä§î §Ñ§Ü§è?§Û §Ó
§à§Ò§à§â§à§ä?
§Ó§ã§î§à§Ô§à,§Þ§Ý§ß §Ñ§Ü§è?§Û
(§Ó §Õ§å§Ø§Ü§Ñ§ç ¨C §Õ§à§Ý§ñ
free float)
§¬§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?§ñ(§é§Ö§â
§Ó§Ö§ß§î 2015)PLN
§Þ§Ý§ß
§°§Ò§à§â§à§ä §Ù§Ñ
§é§Ö§â§Ó§Ö§ß§î 2015
PLN §Þ§Ý§ß
§¥§Ú§Ó?§Õ§Ö§ß§Õ§ß§Ú§Û
§Õ§à§ç?§Õ
(% §Ô§à§Õ.)
PKO Bank Polski PKO 1 250,0 (63,4%) 46 500 2 189 3,4
Bank Polska Kasa
Opieki
PEO 262,5 (49,9%) 43 045 1 724 5,1
Powszechny
Zaklad
Ubezpieczen
PZU 86,4 (64,8%) 39 169 1 492 4,9
KGHM Polska
Mied?
KGH 20??0,0 (68,2%) 22 200 2 504 8,8
PKN Orlen PKN 427,7 (93,5%) 18 584 1 042 3,5
§µ§¹§¡§³§¯§ª§¬§ª §¶§°§¯§¥§°§£§°§¤§° §²§ª§¯§¬§µ
§¯§Ñ §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §Ó §±§à§Ý§î§ë? §Õ?§ð§ä§î §ä§Ñ§Ü? §à§ã§ß§à§Ó§ß? §Ô§â§å§á§Ú ?§ß§ã§ä§Ú§ä§å§è?§Û§ß§Ú§ç ?§ß§Ó§Ö§ã§ä§à§â?§Ó,
§ñ§Ü §á§à§Ý§î§ã§î§Ü? ?§ß§ã§ä§Ú§ä§å§è?§Û§ß? ?§ß§Ó§Ö§ã§ä§à§â§Ú, §á§à§Ý§î§ã§î§Ü? ?§ß§Õ§Ú§Ó?§Õ§å§Ñ§Ý§î§ß? ?§ß§Ó§Ö§ã§ä§à§â§Ú, §Ù§à§Ó§ß?§ê§ß?
?§ß§Ó§Ö§ã§ä§à§â§Ú.
§±§â?§à§â§Ú§ä§Ö§ä§ß§Ú§Û §á§à§ä§Ö§ß§è?§Ñ§Ý §á§à§Ý§î§ã§î§Ü§Ú§ç ?§ß§ã§ä§Ú§ä§å§è?§Û§ß§Ú§ç ?§ß§Ó§Ö§ã§ä§à§â?§Ó §Ó§Ü§Ý§ð§é§Ñ? §Ñ§Ü§ä§Ú§Ó§Ú
§á§Ö§ß§ã?§Û§ß§Ú§ç §æ§à§ß§Õ?§Ó, §ã§ä§â§Ñ§ç§à§Ó§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û, ?§ß§Ó§Ö§ã§ä§Ú§è?§Û§ß§Ú§ç §æ§à§ß§Õ?§Ó (§å §ä§à§Þ§å §é§Ú§ã§Ý?
§Õ§Ö§â§Ø§Ñ§Ó§ß§Ú§ç, §à§Ò§à§Ó'§ñ§Ù§Ü§à§Ó§Ú§ç ? §á§â§Ú§Ó§Ñ§ä§ß§Ú§ç §Õ§à§Ò§â§à§Ó?§Ý§î§ß§Ú§ç §æ§à§ß§Õ?§Ó) §ä§Ñ ?§ß§ê§Ú§ç
?§ß§ã§ä§Ú§ä§å§è?§à§ß§Ñ§Ý§î§ß§Ú§ç §å§é§Ñ§ã§ß§Ú§Ü?§Ó §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó.
§¶?§Ù§Ú§é§ß? §à§ã§à§Ò§Ú §ß§Ñ §á§à§Ý§î§ã§î§Ü§à§Þ§å §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §ã§Ü§Ý§Ñ§Õ§Ñ§ð§ä§î §á§â§Ú§Ò§Ý§Ú§Ù§ß§à 1/3, ? ?
§ä§Ö§ß§Õ§Ö§ß§è?§ñ §Õ§à §Ù§Ò?§Ý§î§ê§Ö§ß§ß§ñ ?§ç §é§Ú§ã§Ý§Ñ. §¸§Ö §ä§Ñ§Ü§à§Ø §Ó?§Õ§ß§à§ã§Ú§ä§î§ã§ñ §Õ§à §Õ?§ñ§Ý§î§ß§à§ã§ä? §ß§Ñ
§æ§à§ß§Õ§à§Ó§à§Þ§å §â§Ú§ß§Ü§å ?§ß§à§Ù§Ö§Þ§ß§Ú§ç ?§ß§Ó§Ö§ã§ä§à§â?§Ó, §å§é§Ñ§ã§ä§î §ñ§Ü§Ú§ç §Ó §à§Ò§à§â§à§ä§Ñ§ç §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§à?
§Ò?§â§Ø? §à§è?§ß§ð?§ä§î§ã§ñ §Ò?§Ý§î§ê §ß?§Ø §Ó 20%.
§¹§Ý§Ö§ß§à§Þ §£§¶§¢ ? §ã§å§Ò'?§Ü§ä, §Õ§à§á§å§ë§Ö§ß§Ú§Û §Õ§à §Ù§Õ?§Û§ã§ß§Ö§ß§ß§ñ §Õ?§ñ§Ý§î§ß§à§ã§ä? §ß§Ñ §Ò?§â§Ø?, §Ù§à§Ü§â§Ö§Þ§Ñ,
§Õ§à §Ó§é§Ú§ß§Ö§ß§ß§ñ §Ò?§â§Ø§à§Ó§Ú§ç §å§Ô§à§Õ. §²?§ê§Ö§ß§ß§ñ §á§â§à §Õ§à§á§å§ã§Ü §Õ§à §Õ?§ñ§Ý§î§ß§à§ã§ä? §ß§Ñ §£§¶§¢
§±§â§Ñ§Ó§Ý?§ß§ß§ñ§Þ §£§¶§¢.
§©§Ô?§Õ§ß§à §Ù §Õ?§ð§é§Ú§Þ§Ú §á§â§Ñ§Ó§Ú§Ý§Ñ§Þ§Ú, §é§Ý§Ö§ß§à§Þ §£§¶§¢ §Þ§à§Ø§Ö §ã§ä§Ñ§ä§Ú:
? ?§ß§Ó§Ö§ã§ä§Ú§è?§Û§ß§Ñ §Ü§à§Þ§á§Ñ§ß?§ñ §Ó §â§à§Ù§å§Þ?§ß§ß? §á. 33 §ã§ä. 3 §Ù§Ñ§Ü§à§ß§å "§±§â§à §ä§à§â§Ô§Ñ§ç
?§ß§ã§ä§â§å§Þ§Ö§ß§ä§Ñ§Þ§Ú", §ñ§Ü§Ñ §Ù§Õ?§Û§ã§ß§ð? §Ò?§â§Ø§à§Ó? §å§Ô§à§Õ§Ú §Ù§Ñ §ã§Ó?§Û §â§Ñ§ç§å§ß§à§Ü §Ñ§Ò§à §Ù§Ñ §â§Ñ§ç§å§ß§à§Ü
§Ü§Ý??§ß§ä§Ñ,
? ?§ß§ê§Ú§Û §ã§å§Ò'?§Ü§ä, §ñ§Ü§Ú§Û ? §é§Ý§Ö§ß§à§Þ §¯§Ñ§è?§à§ß§Ñ§Ý§î§ß§à§Ôo §Õ§Ö§á§à§Ù§Ú§ä§Ñ§â?§ð, §ñ§Ü§Ú§Û §Ù§Õ?§Û§ã§ß§ð?
§å§Ô§à§Õ§Ú §Ó§Ú§Ü§Ý§ð§é§ß§à §Ù§Ñ §ã§Ó?§Û §â§Ñ§ç§å§ß§à§Ü,
? ?§ß§ê§Ú§Û §ã§å§Ò'?§Ü§ä, §ñ§Ü§Ú§Û §ß§Ö ? §é§Ý§Ö§ß§à§Þ §¯§Ñ§è?§à§ß§Ñ§Ý§î§ß§à§Ô§à §Õ§Ö§á§à§Ù§Ú§ä§Ñ§â?§ð, §ñ§Ü§Ú§Û
§Ò?§â§Ø§à§Ó? §å§Ô§à§Õ§Ú §Ó§Ú§Ü§Ý§ð§é§ß§à §Ù§Ñ §ã§Ó?§Û §â§Ñ§ç§å§ß§à§Ü, §Ù§Ñ §å§Þ§à§Ó§Ú, §ë§à ?§Þ §Ò§å§Õ§Ö §Ó§Ü§Ñ§Ù§Ñ§ß§à §é§Ý§Ö§ß
§¯§Ñ§è?§à§ß§Ñ§Ý§î§ß§à§Ô§à §Õ§Ö§á§à§Ù§Ú§ä§Ñ§â?§ð, §ñ§Ü§Ú§Û
? §Ó?§Ù§î§Þ§Ö §ß§Ñ §ã§Ö§Ò§Ö §Ù§à§Ò§à§Ó'§ñ§Ù§Ñ§ß§ß§ñ, §á§à§Ó'§ñ§Ù§Ñ§ß? §Ù §â§à§Ù§â§Ñ§ç§å§ß§Ü§Ñ§Þ§Ú §Ù§Ñ §å§Ü§Ý§Ñ§Õ§Ö§ß§Ú§Þ§Ú

More Related Content

§¶§à§ß§Õ§à§Ó§Ú§Û §â§Ú§ß§à§Ü §±§à§Ý§î§ë?

  • 2. §±§­§¡§¯ 1.?§ã§ä§à§â?§ñ §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å §±§à§Ý§î§ë? 2.§²§Ö§Ô§å§Ý§ð§Ó§Ñ§ß§ß§ñ §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å §±§à§Ý§î§ë? 3.§¶§à§ß§Õ§à§Ó? §Ò?§â§Ø? §±§à§Ý§î§ë?, ?§ç§ß§ñ §ã§á§Ö§è?§Ñ§Ý?§Ù§Ñ§è?§ñ 4.§¬§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?§ñ §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å 5.§µ§é§Ñ§ã§ß§Ú§Ü§Ú §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å 6.§±§Ö§â§ã§á§Ö§Ü§ä§Ú§Ó§Ú §ä§Ñ §ä§Ö§ß§Õ§Ö§ß§è?? §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å §±§à§Ý§î§ë?
  • 3. ?§³§´§°§²?§Á §¶§°§¯§¥§°§£§°§¤§° §²§ª§¯§¬§µ §±§°§­§¾§»? §²§à§Ù§Ó§Ú§ä§à§Ü §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å §Ó §±§à§Ý§î§ë? §Ù§Ñ§á§à§é§Ñ§ä§Ü§à§Ó§Ñ§ß§à §ë§Ö §Ù 1817 §â§à§Ü§å, §Ü§à§Ý§Ú §Ó§Ö§Ý§Ú§Ü§Ú§Û §Ü§ß§ñ§Ù§î §¬§à§ã§ä§ñ§ß§ä§Ú§ß §±§Ñ§Ó§Ý§à§Ó§Ú§é §á?§Õ§á§Ú§ã§Ñ§Ó §å§Ü§Ñ§Ù §á§â§à §å§ä§Ó§à§â§Ö§ß§ß§ñ §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§à? §Ò?§â§Ø?. §³§á§à§é§Ñ§ä§Ü§å §ã§á§Ö§è?§Ñ§Ý?§Ù§å§ð§é§Ú§ã§î §ß§Ñ §ä§à§â§Ô?§Ó§Ý? §ä§à§Ó§Ñ§â§Ñ§Þ§Ú, §Ò?§â§Ø§Ñ §á§à§ã§ä§å§á§à§Ó§à §Ù§â§à§ã§ä§Ñ§Ý§Ñ, §â§à§Ù§ê§Ú§â§ð§Ó§Ñ§Ý§Ñ §Ý?§ß?§Û§Ü§å ?§ß§ã§ä§â§å§Þ§Ö§ß§ä?§Ó, §Õ§à§á§à§Ó§ß§ð§ð§é§Ú ?? §Ñ§Ü§è?§ñ§Þ§Ú, §à§Ò§Ý?§Ô§Ñ§è?§ñ§Þ§Ú §ä§Ñ §Ò§à§â§Ô§à§Ó§Ú§Þ§Ú §â§à§Ù§á§Ú§ã§Ü§Ñ§Þ§Ú. §°§Õ§ß§Ñ§Ü §á?§ã§Ý§ñ §¥§â§å§Ô§à? §ã§Ó?§ä§à§Ó§à? §Ó?§Û§ß§Ú §ä§Ñ §Ù§Ñ§á§â§à§Ó§Ñ§Õ§Ø§Ö§ß§ß§ñ §ã§à§è?§Ñ§Ý?§ã§ä§Ú§é§ß§à? §ã§Ú§ã§ä§Ö§Þ§Ú §Ô§à§ã§á§à§Õ§Ñ§â§ð§Ó§Ñ§ß§ß§ñ §Õ?§ñ§Ý§î§ß?§ã§ä§î §æ§à§ß§Õ§à§Ó§Ú§ç §Ò?§â§Ø §á§â§Ú§á§Ú§ß§Ú§Ý§Ñ§ã§î.
  • 4. ?§Õ§Ú§ß§Ú§Þ §Õ§Ø§Ö§â§Ö§Ý§à§Þ §æ?§ß§Ñ§ß§ã§å§Ó§Ñ§ß§ß§ñ §á§â§à§Þ§Ú§ã§Ý§à§Ó§à§Ô§à §ã§Ö§Ü§ä§à§â§å §ã§ä§Ñ§Ó §Ò§Ñ§ß§Ü?§Ó§ã§î§Ü§Ú§Û §Ü§â§Ö§Õ§Ú§ä, §ñ§Ü§Ú§Û §ß§Ñ§Õ§Ñ§Ó§Ñ§Ó§ã§ñ §ß§Ñ §á?§Õ§ã§ä§Ñ§Ó? §â?§ê§Ö§ß§î, §á§â§Ú§Û§ß§ñ§ä§Ú§ç §è§Ö§ß§ä§â§Ñ§Ý§î§ß§Ú§Þ§Ú §á§Ý§Ñ§ß§à§Ó§Ú§Þ§Ú §à§â§Ô§Ñ§ß§Ñ§Þ§Ú. §°§Õ§ß§Ñ§Ü §å 1991 §â§à§è? §Õ?§ñ§Ý§î§ß?§ã§ä§î §Ò?§â§Ø§à§Ó§à? §ä§à§â§Ô?§Ó§Ý? §Ó §±§à§Ý§î§ë? §Ò§å§Ý§à §Ó?§Õ§ß§à§Ó§Ý§Ö§ß§à. §©§à§Ü§â§Ö§Þ§Ñ §á§â§Ú§Ó§Ñ§ä§Ú§Ù§Ñ§è?§ñ §á?§Õ§á§â§Ú?§Þ§ã§ä§Ó §à§Ü§â§Ö§Þ§Ú§ç §Ô§Ñ§Ý§å§Ù§Ö§Û §ã§å§á§â§à§Ó§à§Õ§Ø§å§Ó§Ñ§Ý§Ñ§ã§ñ §á§å§Ò§Ý?§é§ß§Ú§Þ §á§Ö§â§Ó§Ú§ß§ß§Ú§Þ §â§à§Ù§Þ?§ë§Ö§ß§ß§ñ §Ñ§Ü§è?§Û §ß§Ñ §æ§à§ß§Õ§à§Ó?§Û §Ò?§â§Ø?. §£§à§Õ§ß§à§é§Ñ§ã §Ò§å§Ý§à §ã§ä§Ó§à§â§Ö§ß§à §ã§á§Ö§è?§Ñ§Ý§î§ß§Ú§Û §ß§Ñ§Ô§Ý§ñ§Õ§à§Ó§Ú§Û §à§â§Ô§Ñ§ß ¨C §¬§à§Þ?§ã?§ð §Ù §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó ? §Ò?§â§Ø.
  • 5. §²§¦§¤§µ§­§À§£§¡§¯§¯§Á §¶§°§¯§¥§°§£§°§¤§° §²§ª§¯§¬§µ §±§°§­§¾§»? §¶§à§ß§Õ§à§Ó§Ú§Û §â§Ú§ß§à§Ü §±§à§Ý§î§ë? §â§Ö§Ô§å§Ý§ð?§ä§î§ã§ñ §Ù§Ñ§Ü§à§ß§Ñ§Þ§Ú §á§â§à §Ó?§Õ§Ü§â§Ú§ä§å §Ö§Þ?§ã?§ð §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó, §å§Þ§à§Ó§Ú §Ó§Ó§Ö§Õ§Ö§ß§ß§ñ §æ?§ß§Ñ§ß§ã§à§Ó§Ú§ç ?§ß§ã§ä§â§å§Þ§Ö§ß§ä?§Ó §ß§Ñ §à§â§Ô§Ñ§ß?§Ù§à§Ó§Ñ§ß§Ú§Û §â§Ú§ß§à§Ü §ä§Ñ §Ñ§Ü§è?§à§ß§Ö§â§ß? §Ü§à§Þ§á§Ñ§ß??; §á§â§à §ä§à§â§Ô?§Ó§Ý§ð §æ?§ß§Ñ§ß§ã§à§Ó§Ú§Þ§Ú ?§ß§ã§ä§â§å§Þ§Ö§ß§ä§Ñ§Þ§Ú, §á§â§à §ß§Ñ§Ô§Ý§ñ§Õ §Ù§Ñ §æ?§ß§Ñ§ß§ã§à§Ó§Ú§Þ §â§Ú§ß§Ü§à§Þ. §±§â§Ú§Û§ß§ñ§ä§ä§ñ §Ù§Ñ§Ù§ß§Ñ§é§Ö§ß§Ú§ç §Õ§à§Ü§å§Þ§Ö§ß§ä?§Ó §ã§á§â§Ú§ñ§Ý§à §å§Õ§à§ã§Ü§à§ß§Ñ§Ý§Ö§ß§ß§ð §Ù§Ñ§Ü§à§ß§à§Õ§Ñ§Ó§ã§ä§Ó§Ñ §Ó §è?§Û §ã§æ§Ö§â? §ä§Ñ §Û§à§Ô§à §Ô§Ñ§â§Þ§à§ß?§Ù§Ñ§è?? §Ù? §ã§ä§Ñ§ß§Õ§Ñ§â§ä§Ñ§Þ§Ú, §ñ§Ü? §Ó?§Õ§á§à§Ó?§Õ§Ñ§ð§ä§î §Õ§Ú§â§Ö§Ü§ä§Ú§Ó§Ñ§Þ ?§³. §¶§à§ß§Õ§à§Ó§å §Ò?§â§Ø§å §â§Ö§Ô§å§Ý§ð? §¡§Ô§Ö§ß§ã§ä§Ó§à §Ù §æ?§ß§Ñ§ß§ã§à§Ó§à§Ô§à §ß§Ñ§Ô§Ý§ñ§Õ§å, §ñ§Ü§Ö §Ò§å§Ý§à §ã§ä§Ó§à§â§Ö§ß§à §å 2006 §â§à§è?.
  • 6. §¬§à§Þ?§ã?§ñ §Ù §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §±§à§Ý§î§ë? ? §ß§Ñ§Û§Ó§Ñ§Ø§Ý§Ú§Ó?§ê§Ú§Þ §à§â§Ô§Ñ§ß§à§Þ §â§Ö§Ô§å§Ý§ð§Ó§Ñ§ß§ß§ñ §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó, ?? §æ§å§ß§Ü§è?? §Ò§Ñ§Ô§Ñ§ä§à §Ó §é§à§Þ§å §Ñ§ß§Ñ§Ý§à§Ô?§é§ß? §Õ?§ñ§Ý§î§ß§à§ã§ä? §¬§à§Þ?§ã?? §Ù §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó ? §Ò?§â§Ø §³§º§¡ ? §Ó§Ü§Ý§ð§é§Ñ§ð§ä§î §ß§Ñ§ã§ä§å§á§ß? §à§ã§ß§à§Ó§ß? §á§à§Ý§à§Ø§Ö§ß§ß§ñ: - §±§â§à§Ó§Ö§Õ§Ö§ß§ß§ñ §Ý?§è§Ö§ß§Ù§å§Ó§Ñ§ß§ß§ñ §Õ?§ñ§Ý§î§ß§à§ã§ä? §å§é§Ñ§ã§ß§Ú§Ü?§Ó §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó (§å §ä§à§Þ§å §é§Ú§ã§Ý? §Ò§Ñ§ß§Ü?§Ó, §Ü§à§Þ§á§Ñ§ß?§Û §ä§Ñ §æ§Ñ§ç?§Ó§è?§Ó §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å) §ß§Ñ §à§ã§ß§à§Ó? §Ó§Ú§â§à§Ò§Ý§Ö§ß§ß§ñ §ã§á?§Ý§î§ß§Ú§ç §â?§ê§Ö§ß§î §Ù §³§²§° - §Ò?§â§Ø§Ñ§Þ§Ú, §Õ§Ö§á§à§Ù§Ú§ä§Ñ§â?§ñ§Þ§Ú, §â?§Ù§ß§Ú§Þ§Ú §Ñ§ã§à§è?§Ñ§è?§ñ§Þ§Ú §å§é§Ñ§ã§ß§Ú§Ü?§Ó §â§Ú§ß§Ü§å; - §²§à§Ù§â§à§Ò§Ü§Ñ §à§ã§ß§à§Ó §â§Ö§Ô§å§Ý§ð§Ó§Ñ§ß§ß§ñ §å §ã§æ§Ö§â? §æ§à§â§Þ§å§Ó§Ñ§ß§ß§ñ ?§ß§Ó§Ö§ã§ä§Ú§è?§Û§ß§à- §Ü§à§Þ§á§Ö§ß§ã§Ñ§è?§Û§ß§Ú§ç §ã§Ú§ã§ä§Ö§Þ; - §°§Ò§Ô§â§å§ß§ä§å§Ó§Ñ§ß§ß§ñ §Ó§Ú§Þ§à§Ô §ë§à§Õ§à §Ù§Ñ§Ò§Ö§Ù§á§Ö§é§Ö§ß§ß§ñ §à§Ò?§Ô§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §ß§Ñ §Ò?§â§Ø? ? §á§à§Ù§Ñ§Ò?§â§Ø§à§Ó§à§Þ§å §â§Ú§ß§Ü§å; - §±§â§à§Ó§Ö§Õ§Ö§ß§ß§ñ §â§Ö?§ã§ä§â§Ñ§è?? §Ó§Ú§á§å§ã§Ü?§Ó §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §á§â§Ú§Ó§Ñ§ä§ß§Ú§ç §Ö§Þ?§ä§Ö§ß§ä?§Ó §ä§Ñ ?§ß.
  • 7. §¬§à§Þ§á§Ý§Ö§Ü§ã§ß§Ñ §ã§Ú§ã§ä§Ö§Þ§Ñ §â§Ö§Ô§å§Ý§ð§Ó§Ñ§ß§ß§ñ §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §±§à§Ý§î§ë? §Ù§ß§Ñ§ç§à§Õ§Ú§ä§î §Ò§Ö§Ù§á§à§ã§Ö§â§Ö§Õ§ß? §Ó?§Õ§à§Ò§â§Ñ§Ø§Ö§ß§ß§ñ §Ó §à§ã§ß§à§Ó§ß§Ú§ç §Ù§Ñ§Ü§à§ß§à§Õ§Ñ§Ó§é§Ú§ç §Ñ§Ü§ä§Ñ§ç, §å §ä§à§Þ§å §é§Ú§ã§Ý? §Ó §é§Ú§ß§ß§à§Þ§å §©§Ñ§Ü§à§ß? §á§â§à §á§å§Ò§Ý?§é§ß§à§Þ§å §Ù§Ó§Ö§â§ß§Ö§ß§ß? §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó. §µ §Õ§Ñ§ß§à§Þ§å §©§Ñ§Ü§à§ß? §Ó§Ú§Ù§ß§Ñ§é§Ö§ß? §á§Ö§â§ã§á§Ö§Ü§ä§Ú§Ó§ß? §Ù§Ñ§ç§à§Õ§Ú §æ§å§ß§Ü§è?§à§ß§å§Ó§Ñ§ß§ß§ñ §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó, §ë§à §Ó§Ü§Ý§ð§é§Ñ§ð§ä§î §Ý?§Ò§Ö§â§Ñ§Ý?§Ù§Ñ§è?§ð §á§â§à§è§Ö§ã§å §Õ§à§á§å§ã§Ü§å §Õ§à §à§Ò?§Ô§å §ß§à§Ó§Ú§ç §Ó§Ú§á§å§ã§Ü?§Ó §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §Ö§Þ?§ä§Ö§ß§ä?§Ó, §å §ä§à§Þ§å §é§Ú§ã§Ý? §Ù§Ñ §Ü§à§â§Õ§à§ß§à§Þ; §ã§Ú§ã§ä§Ö§Þ§Ñ§ä§Ú§Ù§à§Ó§Ñ§ß§Ñ §Õ?§ñ§Ý§î§ß?§ã§ä§î §¬§à§Þ?§ã?? §Ù §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó, §ñ§Ü§Ñ ? §à§ã§ß§à§Ó§ß§Ú§Þ §à§â§Ô§Ñ§ß§à§Þ §ß§Ñ§Ô§Ý§ñ§Õ§å §Ù§Ñ §Õ?§ñ§Ý§î§ß?§ã§ä§ð §ä§à§Ó§Ñ§â§ß§Ú§ç §Ò?§â§Ø; §Ó§ã§ä§Ñ§ß§à§Ó§Ý§Ö§ß? §á§â§Ñ§Ó§Ñ §â§Ö§Ù§Ú§Õ§Ö§ß§ä?§Ó §Ü§â§Ñ?§ß§Ú §á§â§Ú§Õ§Ò§Ñ§Ó§Ñ§ä§Ú ?§ß§à§Ù§Ö§Þ§ß? §è?§ß§ß? §á§Ñ§á§Ö§â§Ú, §Ñ §ä§Ñ§Ü§à§Ø §Ó§Ú§Ù§ß§Ñ§é§Ö§ß? §á§à§Ý§à§Ø§Ö§ß§ß§ñ, §á§à§Ó'§ñ§Ù§Ñ§ß? §Ù §â§à§Ù§ê§Ú§â§Ö§ß§ß§ñ§Þ §â§Ö§Ñ§Ý?§Ù§Ñ§è?? §à§á§Ö§â§Ñ§è?§Û §Ò§â§à§Ü§Ö§â§ã§î§Ü§Ú§Þ§Ú §æ?§â§Þ§Ñ§Þ§Ú.
  • 8. §£§¡§²§º§¡§£§³§¾§¬§¡ §¶§°§¯§¥§°§£§¡ §¢?§²§¨§¡ ? §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§Ñ §æ§à§ß§Õ§à§Ó§Ñ §Ò?§â§Ø§Ñ ¡ª §ß§Ñ§Û§Ò?§Ý§î§ê§Ñ §æ§à§ß§Õ§à§Ó§Ñ §Ò?§â§Ø§Ñ §³§ç?§Õ§ß§à? §ä§Ñ §¸§Ö§ß§ä§â§Ñ§Ý§î§ß§à? ?§Ó§â§à§á§Ú. ? §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§Ñ §æ§à§ß§Õ§à§Ó§Ñ §Ò?§â§Ø§Ñ §Ù§Ñ§Û§ß§ñ§Ý§Ñ §Õ§â§å§Ô§Ö §Þ?§ã§è§Ö §Ó ?§Ó§â§à§á? §Ù§Ñ §Ü?§Ý§î§Ü?§ã§ä§ð IPO §Ó 2013 §â§à§è? (§á?§ã§Ý§ñ §­§à§ß§Õ§à§ß§ã§î§Ü§à? §æ§à§ß§Õ§à§Ó§à? §Ò?§â§Ø?), §Ù§Ô?§Õ§ß§à §Ù §Õ§Ñ§ß§Ú§Þ§Ú IPO Watch Europe, §à§á§å§Ò§Ý?§Ü§à§Ó§Ñ§ß§à§Ô§à PricewaterhouseCoopers. §£§Ñ§Ý§ð§ä§Ñ §ä§à§â§Ô?§Ó- §Ù§Ý§à§ä§Ú§Û, ?§Ó§â§à. §¢?§â§Ø§Ö§Ó? ?§ß§Õ§Ö§Ü§ã§Ú - WIG: §Ó§ã? §Ù§Ñ§â§Ö?§ã§ä§â§à§Ó§Ñ§ß? §ß§Ñ §Ò?§â§Ø? §Ü§à§Þ§á§Ñ§ß??, WIG-20: 20 §ß§Ñ§Û§Ò?§Ý§î§ê§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û.
  • 9. ?§¯§°§©§¦§®§¯? §¬§°§®§±§¡§¯??, §»§° §¬§°§´§µ§À§´§¾§³§Á §¯§¡ §£§¶§¢ SKYEUROPE WARIMPEX IMMOEAST SILVANO OLYMPIC BMP AG MOL AMREST CINEMA CITY PLAZA CENTER CEZ PEGAS ASSECO ACE ASTARTA KERNEL CEDC ASBIS ORCO GROUP REINHOLD RONSON UNICREDIT ITALIANO ATLAS ESTATES
  • 11. ¡í §¬§°§®§±§¡§¯?§Á §¬§²§¡?§¯§¡ §³§¦§¬§´§°§² 14 ORCO (2007) §­§À§¬§³§¦§®§¢§µ§²§¤ §¢§µ§¥?§£§¯§ª§¸§´§£§° 15 SILVANO FASHION GROUP (2007) §¦§³§´§°§¯?§Á §´§¦§¬§³§´§ª§­§¾§¯§¦ §£§ª§²§°§¢§¯§ª§¸§´§£§°, §´§°§²§¤?§£§­§Á 16 OLYMPIC ENTERTAINMENT GROUP(2007) §¦§³§´§°§¯?§Á §°§±§¦§²§¡§´§°§² §¬§¡§©§ª§¯§° 17 PLAZA CENTER N.V. (2007) §¯?§¥§¦§²§­§¡§¯§¥§ª §¢§µ§¥?§£§¯§ª§¸§´§£§° 18 ASBIS (2007) §¬?§±§² §¥§ª§³§´§²§ª§¢§µ§¸?§Á §¬§°§®§±'§À§´§¦§²§¯§ª§· §¬§°§®§±§­§¦§¬§´§µ§À§¹§ª§· ? §£§ª§²§°§¢§¯§ª§¸§´§£§° §°§¢§¹§ª§³§­§À§£§¡§­§¾§¯§°? §´§¦§·§¯?§¬§ª 19 RONSON ?§©§²§¡?§­§¾ / §¯?§¥§¦§²§­§¡§¯§¥§ª §¢§µ§¥?§£§¯§ª§¸§´§£§° 20 KERNEL §µ§¬§²§¡?§¯§¡ §·§¡§²§¹§°§£§¡ §±§²§°§®§ª§³§­§°§£?§³§´§¾ 21 REINHOLD POLSKA §º§£§¦§¸?§Á §²§ª§¯§°§¬ §¯§¦§²§µ§·§°§®§°§³§´? 22 UNICREDIT ?§´§¡§­?§Á §¢§¡§¯§¬?§£§³§¾§¬§ª§« §³§¦§¬§´§°§² 23 ATLAS ESTATES (2008) §°§³§´§²?§£ §¥§¨§¦§²§³? (§Ü§Ñ§ß§Ñ§Ý §­§Ñ §®§Ñ§ê§ß) §²§ª§¯§°§¬ §¯§¦§²§µ§·§°§®§°§³§´? 24 BELVEDERE §¶§²§¡§¯§¸?§Á §£§ª§²§°§¢§¯§ª§¬ §¡§­§¬§°§¤§°§­§À 25 NEW WORLD RESOURCES §¤§°§­§­§¡§¯§¥?§Á §£§µ§¤§­§¦§¥§°§¢§µ§£§¯§¡ §±§²§°§®§ª§³§­§°§£?§³§´§¾
  • 13. §¥§°§³§´§µ§± §¥§° §£§¶§¢ §±§µ§¢§­?§¹§¯§¦ §²§°§©§®?§»§¦§¯§¯§Á §±§²§°§³§±§¦§¬§´ §¦§®?§³?? §®§¦§®§°§²§¡§¯§¥§µ§® ? §¶?§ß§Ñ§ß§ã§à§Ó? §Ó§Ú§Þ§à§Ô§Ú ? §¶?§ß§Ñ§ß§ã§à§Ó§Ñ §Ù§Ó?§ä§ß?§ã§ä§î §ä§Ñ §Ñ§å§Õ§Ú§ä§à§â§ã§î§Ü? §Ó§Ú§ã§ß§à§Ó§Ü§Ú §Ù§Ñ §à§ã§ä§Ñ§ß§ß? 3 §â§à§Ü§Ú ? §ä§â§Ú§Ó§Ñ§Ý?§ã§ä§î §á§â§à§è§Ö§Õ§å§â§Ú: 6-9 §Þ?§ã§ñ§è?§Ó §±§²§ª§£§¡§´§¯§¦ §²§°§©§®?§»§¦§¯§¯§Á ?§¯§¶§°§²§®§¡§¸?§«§¯§ª§« §¥§°§¬§µ§®§¦§¯§´ ? §Ó?§Õ§ã§å§ä§ß?§ã§ä§î §æ?§ß§Ñ§ß§ã§à§Ó§Ú§ç §Ó§Ú§Þ§à§Ô ? §Õ§à§á§å§ã§Ü §ß§à§Ó§à§ã§ä§Ó§à§â§Ö§ß§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û ? §ä§â§Ú§Ó§Ñ§Ý?§ã§ä§î §á§â§à§è§Ö§Õ§å§â§Ú: §Ò§Ý§Ú§Ù§î§Ü§à 3- §ç §Þ?§ã§ñ§è?§Ó
  • 14. §­?§³§´§ª§¯§¤ §£§¶§¢ §£ §à§ã§ä§Ñ§ß§ß? §â§à§Ü§Ú §£§¶§¢ §Ù§Ñ§Ó§à§ð§Ó§Ñ§Ý§Ñ §â§Ö§á§å§ä§Ñ§è?§ð §á§â§Ú§Ó§Ñ§Ò§Ý§Ú§Ó§à§Ô§à §â§Ú§ß§Ü§å §Ü§Ñ§á?§ä§Ñ§Ý§å §ñ§Ü §Õ§Ý§ñ §á§à§Ý§î§ã§î§Ü§Ú§ç, §ä§Ñ§Ü ? ?§ß§à§Ù§Ö§Þ§ß§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û, §à§ã§à§Ò§Ý§Ú§Ó§à §Ù §Ü§â§Ñ?§ß §¸§Ö§ß§ä§â§Ñ§Ý§î§ß§à? §ä§Ñ §³§ç?§Õ§ß§à? ?§Ó§â§à§á§Ú. §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§Ú§Û §â§Ú§ß§à§Ü §Ü§Ñ§á?§ä§Ñ§Ý§å §á§Ö§â§Ö§ä§Ó§à§â§Ú§Ó§ã§ñ §Ó §à§Õ§ß§å §Ù §ß§Ñ§Û§Ò?§Ý§î§ê §Ñ§Ü§ä§Ú§Ó§ß§Ú§ç §æ§à§ß§Õ§à§Ó§Ú§ç §Ò?§â§Ø §Ó ?§Ó§â§à§á? c §Ó§Ú§ã§à§Ü§Ú§Þ§Ú §á§à§Ü§Ñ§Ù§ß§Ú§Ü§Ñ§Þ§Ú §ñ§Ü §Ù§Ñ §Ü?§Ý§î§Ü?§ã§ä§ð §å§Ô§à§Õ IPO, §ä§Ñ§Ü ? §Ù§Ñ ?§ç §Ó§Ñ§â§ä?§ã§ä§ð. §µ 2009 §â§à§è? §£§¶§¢ §Ù§Ñ§Û§ß§ñ§Ý§Ñ §á§Ö§â§ê§Ö §Þ?§ã§è§Ö §ã§Ö§â§Ö§Õ §à§ã§ß§à§Ó§ß§Ú§ç ?§Ó§â§à§á§Ö§Û§ã§î§Ü§Ú§ç §â§Ú§ß§Ü?§Ó §Ü§Ñ§á?§ä§Ñ§Ý§å §Ù§Ñ §Ü?§Ý§î§Ü?§ã§ä§ð §å§Ô§à§Õ IPO, §Ñ §å§Ô§à§Õ§Ñ IPO §Ü§à§Þ§á§Ñ§ß?? PGE Polska Grupa Energetyczna §ã§ä§Ñ§Ý§Ñ §ß§Ñ§Û§Ò?§Ý§î§ê§Ú§Þ §â§à§Ù§Þ?§ë§Ö§ß§ß§ñ§Þ §Ñ§Ü§è?§Û §Ó ?§Ó§â§à§á? §Ù§Ñ §Ó§Ü§Ñ§Ù§Ñ§ß§Ú§Û §â?§Ü.
  • 15. ? §°§ã§ä§Ñ§ß§ß?§Þ§Ú §â§à§Ü§Ñ§Þ§Ú §Ü?§Ý§î§Ü?§ã§ä§î §Ü§à§Þ§á§Ñ§ß?§Û, §ë§à §Ù§ß§Ñ§ç§à§Õ§ñ§ä§î§ã§ñ §Ó §Ý?§ã§ä§Ú§ß§Ô§å §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§à? §æ§à§ß§Õ§à§Ó§à? §Ò?§â§Ø?, §á§à§ã§ä?§Û§ß§à §Ù§Ò?§Ý§î§ê§å?§ä§î§ã§ñ §©§à§Ü§â§Ö§Þ§Ñ, §Ó 2003 §â §Ó §Ý?§ã§ä§Ú§ß§Ô§å §Ò?§â§Ø? §á§Ö§â§Ö§Ò§å§Ó§Ñ§Ý§à 203 §Ü§à§Þ§á§Ñ§ß??, §ã§Ö§â§Ö§Õ §ñ§Ü§Ú§ç §Ó§á§Ö§â§ê§Ö §Ù'§ñ§Ó§Ú§Ý§Ñ§ã§ñ §à§Õ§ß§Ñ ?§ß§à§Ù§Ö§Þ§ß§Ñ §Ü§à§Þ§á§Ñ§ß?§ñ §µ 2004 §â §Ó §Ý?§ã§ä§Ú§ß§Ô§å §£§¶§¢ §Ù§ß§Ñ§ç§à§Õ§Ú§Ý§à§ã§î 230 §Ü§à§Þ§á§Ñ§ß?§Û (§Ó §ä§à§Þ§å §é§Ú§ã§Ý? 5 ?§ß§à§Ù§Ö§Þ§ß§Ú§ç) , §Ó 2005 §â - 255 §Ü§à§Þ§á§Ñ§ß?§Û (7 ?§ß§à§Ù§Ö§Þ§ß§Ú§ç), §Ó 2006 §â, - 273 §Ü§à§Þ§á§Ñ§ß?? (9 ?§ß§à§ã§ä§â§Ñ§ß§ß§Ú§ç§Þ§ß?§ç).
  • 16. §¥§¦§­?§³§´§ª§¯§¤ §£§¶§¢ §¸§ñ §á§â§à§è§Ö§Õ§å§â§Ñ §à§â§Ô§Ñ§ß?§Ù§å?§ä§î§ã§ñ §ß§Ñ §Ò?§â§Ø? §Ó §ß§Ñ§ã§ä§å§á§ß§Ú§ç §Ó§Ú§á§Ñ§Õ§Ü§Ñ§ç, §Ü§à§Ý§Ú: 1. §Ö§Þ?§ä§Ö§ß§ä §à§Ô§à§Ý§à§ê§Ö§ß§Ú§Û §Ò§Ñ§ß§Ü§â§å§ä§à§Þ §Ñ§Ò§à §Û§à§Ô§à §æ?§ß§Ñ§ß§ã§à§Ó§Ö §ã§ä§Ñ§ß§à§Ó§Ú§ë§Ö §Ó§Ú§Ù§ß§Ñ§ß§à §ß§Ö§Ù§Ñ§Õ§à§Ó?§Ý§î§ß§Ú§Þ §ß§Ñ §à§ã§ß§à§Ó? §ß§Ñ§ã§ä§å§á§ß§Ú§ç §Ü§Ó§Ñ§â§ä§Ñ§Ý§î§ß§Ú§ç §Ò§å§ç§Ô§Ñ§Ý§ä§Ö§â§ã§î§Ü§Ú§ç §Ò§Ñ§Ý§Ñ§ß§ã?§Ó ? §Ù§Ó?§ä?§Ó; 2. §ã§Ü§à§â§à§ä§Ú§Ý§Ú§ã§ñ §Þ§Ñ§ã§ê§ä§Ñ§Ò§Ú §á§å§Ò§Ý?§é§ß§à§Ô§à §â§à§Ù§Þ?§ë§Ö§ß§ß§ñ §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó, §Ñ§Ò§à §è?§ß§ß? §á§Ñ§á§Ö§â§Ú §á§Ö§â§Ö§ã§ä§Ñ§Ý§Ú §Ó?§Õ§á§à§Ó?§Õ§Ñ§ä§Ú §Þ?§ß?§Þ§Ñ§Ý§î§ß§Ú§Þ §Ó§Ú§Þ§à§Ô§Ñ§Þ §Ò?§â§Ø§à§Ó§à§Ô§à §Ý?§ã§ä§Ú§ß§Ô§å; 3. §Ö§Þ?§ä§Ö§ß§ä §Ù§Ñ §á§Ú§ã§î§Þ§à§Ó§à§ð §Ù§Ñ§ñ§Ó§à§ð §Ó?§Õ§Ü§Ý§Ú§Ü§Ñ? §ã§Ó§à? §è?§ß§ß? §á§Ñ§á§Ö§â§Ú §Ù §Ý§Ú§ã§ä§Ú§ß§Ô§à§Ó§à§Ô§à §ã§á§Ú§ã§Ü§å, §ß§Ñ§á§â§Ú§Ü§Ý§Ñ§Õ, §å §Ù§Ó'§ñ§Ù§Ü§å §Ù §à§Ò§Þ?§ß§à§Þ §ã§Ó§à?§ç §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §à§Õ§ß§à§Ô§à §Ó§Ú§á§å§ã§Ü§å §ß§Ñ §Ù§ß§à§Ó§å §Ó§Ú§á§å§ë§Ö§ß? §è?§ß§ß? §á§Ñ§á§Ö§â§Ú, §á§â§Ú §Õ§â§à§Ò§Ý§Ö§ß§ß? §Ñ§Ü§è?§Û, §Ù§Ý§Ú§ä§ä§ñ §Ù ?§ß§ê§à§ð §æ?§â§Þ§à§ð ? §ä.§á. 4. §Ö§Þ?§ä§Ö§ß§ä §ß§Ö §á§à§Õ§Ñ? §ë§à§â?§é§ß? (§ë§à§Ü§Ó§Ñ§â§ä§Ñ§Ý§î§ß?) §Ù§Ó?§ä§Ú §á§â§à §ã§Ó§à§ð §Õ?§ñ§Ý§î§ß?§ã§ä§î §å §Ó§ã§ä§Ñ§ß§à§Ó§Ý§Ö§ß? §Õ§à§Ô§à§Ó§à§â§à§Þ §ä§Ö§â§Þ?§ß§Ú, §á§à§â§å§ê§å? §ã§ä§â§à§Ü§Ú §à§á§Ý§Ñ§ä§Ú §Ö§Ü§ã§á§Ö§â§ä§Ú§Ù§Ú §Ñ§Ò§à ?§ß§ê? §å§Þ§à§Ó§Ú §Õ§à§Ô§à§Ó§à§â§å §á§â§à §Ý?§ã§ä§Ú§ß§Ô§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó
  • 17. ?§¯§¥§¦§¬§³§ª §£§¢§¶ §¥§Ý§ñ §Ù§â§å§é§ß§à§ã§ä? ?§ß§Ó§Ö§ã§ä§à§â?§Ó §Ò§å§Ý§à §Ù§Ñ§á§â§à§Ó§Ñ§Õ§Ø§Ö§ß§à §Ò?§â§Ø§à§Ó? ?§ß§Õ§Ö§Ü§ã§Ú - §á§à§Ü§Ñ§Ù§ß§Ú§Ü§Ú, §ß§Ñ §á?§Õ§ã§ä§Ñ§Ó? §ñ§Ü§Ú§ç §Þ§à§Ø§ß§Ñ §à§è?§ß§Ú§ä§Ú §â§Ú§ß§Ü§à§Ó§å §ã§Ú§ä§å§Ñ§è?§ð, §ß§Ö §Ñ§ß§Ñ§Ý?§Ù§å§ð§é§Ú §Ù§Þ?§ß §Ü§å§â§ã?§Ó §à§Ü§â§Ö§Þ§Ú§ç §Ñ§Ü§è?§Û. §¯§Ñ §è? §á§à§Ü§Ñ§Ù§ß§Ú§Ü§Ú §Ó§á§Ý§Ú§Ó§Ñ§ð§ä§î §ã§á§Ñ§Õ§Ú ? §Ù§â§à§ã§ä§Ñ§ß§ß§ñ §Ó§Ñ§â§ä§à§ã§ä? §Ñ§Ü§è?§Û. §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§Ñ §Ò?§â§Ø§Ñ §á§å§Ò§Ý?§Ü§å? §Ü?§Ý§î§Ü§Ñ ?§ß§Õ§Ö§Ü§ã?§Ó: WIG, WIG20, MIDWIG, WIRR, NIF. ?§ß§Õ§Ö§Ü§ã WIG §à§Ò§é§Ú§ã§Ý§ð§ð§ä§î §Õ§Ý§ñ §Ó§ã?§ç §ä§à§Ó§Ñ§â§Ú§ã§ä§Ó, §ñ§Ü? §Ü§à§ä§Ú§â§å§ð§ä§î§ã§ñ §ß§Ñ §à§ã§ß§à§Ó§ß§à§Þ§å §â§Ú§ß§Ü§å §Ò?§â§Ø?, WIRR - §ß§Ñ §á§Ñ§â§Ñ§Ý§Ö§Ý§î§ß§à§Þ§å §â§Ú§ß§Ü§å, WIG20 - §Õ§Ý§ñ 20 §ß§Ñ§Û§Ò?§Ý§î§ê§Ú§ç §ä§à§Ó§Ñ§â§Ú§ã§ä§Ó, §ñ§Ü? §Ü§à§ä§Ú§â§å§Ó§Ñ§Ý§Ú§ã§ñ §ß§Ñ §à§ã§ß§à§Ó§ß§à§Þ§å §â§Ú§ß§Ü§å, §Ñ MIDWIG - §Õ§Ý§ñ 40 §ã§Ö§â§Ö§Õ§ß?§ç §ä§à§Ó§Ñ§â§Ú§ã§ä§Ó §Ù §è§î§à§Ô§à §â§Ú§ß§Ü§å. ?§ß§Õ§Ö§Ü§ã NIF §à§Ò§é§Ú§ã§Ý§ð?§ä§î§ã§ñ §ß§Ñ §à§ã§ß§à§Ó? §Ü§å§â§ã?§Ó §Ñ§Ü§è?§Û §á'§ñ§ä§ß§Ñ§Õ§è§ñ§ä§Ú §ß§Ñ§è?§à§ß§Ñ§Ý§î§ß§Ú§ç ?§ß§Ó§Ö§ã§ä§Ú§è?§Û§ß§Ú§ç §æ§à§ß§Õ?§Ó.
  • 18. §¸§Ö§ß§Ñ §¥§Ö§ß§î §¤§à§Õ §¥§Ñ§ä§Ñ WIG20 WIG 20 1924 6.13 0.31% 3.01% 2016-12-19 WIG WIG 51129 14.05 0.02% 10.6% 2016-12-19
  • 20. §¬§¡§±?§´§¡§­?§©§¡§¸?§Á §¶§°§¯§¥§°§£§°§¤§° §²§ª§¯§¬§µ ? §©§Ô?§Õ§ß§à §Ù §à§è?§ß§Ü§à§ð §Ø§å§â§ß§Ñ§Ý§å Euromoney, §£§Ñ§â§ê§Ñ§Ó§ã§ã§î§Ü§Ñ §æ§à§ß§Õ§à§Ó§Ñ §Ò?§â§Ø§Ñ (WSE) §Ò§å§Ý§Ñ §ß§Ñ§Ù§Ó§Ñ§ß§Ñ §Ü§â§Ñ§ë§Ú§Þ §ä§à§â§Ô§à§Ó§Ú§Þ §Þ§Ñ§Û§Õ§Ñ§ß§é§Ú§Ü§à§Þ §Ó §¸§Ö§ß§ä§â§Ñ§Ý§î§ß?§Û ? §³§ç?§Õ§ß?§Û ?§Ó§â§à§á? (§¸§³?) §Ó 2012 §â§à§è?, §Ó§Ú§á§Ö§â§Ö§Õ§Ú§Ó§ê§Ú ?§Ü§à§Ý§Ö§Ô? §å §£?§Õ§ß?, §±§â§Ñ§Ù?, §¢§å§Õ§Ñ§á§Ö§ê§ä? ? §ä.§Õ . §©§Ñ §Õ§Ñ§ß§Ú§Þ§Ú §ã§Ñ§Þ§à? WSE , §Ó 2012 §â§à§è? §Ó§à§ß§Ñ §Ô§Ö§ß§Ö§â§å§Ó§Ñ§Ý§Ñ 54,2% §à§Ò§ã§ñ§Ô§å §ä§à§â§Ô?§Ó§Ý? §Ñ§Ü§è?§ñ§Þ§Ú §Ó §¸§³?. ? §¬§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?§ñ §Ñ§Ü§è?§Û §Ö§Þ?§ä§Ö§ß§ä?§Ó, §ë§à §ä§à§â§Ô§å§ð§ä§î§ã§ñ §Ó §£§Ñ§â§ê§Ñ§Ó?, §ã§ä§Ñ§ß§à§Ó§Ú§Ý§Ñ 47,2% §Ó?§Õ §Ó§ã§î§à§Ô§à §â§Ú§ß§Ü§å §â§Ö§Ô?§à§ß§å. §¬§â?§Þ §ä§à§Ô§à, §ß§Ñ §é§Ñ§ã§ä§Ü§å §è??? WSE §Õ§à§Ó§Ö§Ý§à§ã§ñ 77,4% §ä§à§â§Ô?§Ó§Ý? §æ'§ð§é§Ö§â§ã§Ñ§Þ§Ú §ß§Ñ §à§Ü§â§Ö§Þ? §Ñ§Ü§è?? ? ?§ß§Õ§Ö§Ü§ã§ß§Ú§Þ§Ú §æ'§ð§é§Ö§â§ã§Ñ§Þ§Ú, §Ñ §ä§Ñ§Ü§à§Ø §à§á§è?§à§ß§Ñ§Þ§Ú. §£§ã? §è? §è§Ú§æ§â§Ú §ã§Ó?§Õ§é§Ñ§ä§î §á§â§à §ä§Ö, §ë§à §Ù§Ñ §à§ã§ä§Ñ§ß§ß? §Ü?§Ý§î§Ü§Ñ §â§à§Ü?§Ó §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü?§Û §Ò?§â§Ø? §Ó§Õ§Ñ§Ý§à§ã§ñ §á§Ö§â§Ö§ä§Ó§à§â§Ú§ä§Ú§ã§ñ §Ó §à§Õ§ß§å §Ù §ß§Ñ§Û§Ò?§Ý§î§ê §ã§Ú§Ý§î§ß§Ú§ç §Þ§Ñ§Û§Õ§Ñ§ß§é§Ú§Ü?§Ó §Ó §â§Ö§Ô?§à§ß?. §¯§Ñ WSE §ä§à§â§Ô§å§ð§ä§î§ã§ñ §Ñ§Ü§è?? §ä§Ñ§Ü§Ú§ç, §ß§Ñ§á§â§Ú§Ü§Ý§Ñ§Õ, §â§à§ã?§Û§ã§î§Ü§Ú§ç §Ö§Þ?§ä§Ö§ß§ä?§Ó, §ñ§Ü VTB, Renaissance Capital ? SIB, §Ñ §ä§Ñ§Ü§à§Ø Exillon Energy Plc - §Ü§à§Þ§á§Ñ§ß?§ñ §Ù §ß§Ñ§æ§ä§à§Ó§Ú§Þ§Ú §Ñ§Ü§ä§Ú§Ó§Ñ§Þ§Ú §Ó §²§à§ã??, §â§à§Ù§ä§Ñ§ê§à§Ó§Ñ§ß§Ú§Þ§Ú §Ó §©§Ñ§ç?§Õ§ß§à§Þ§å §³§Ú§Ò?§â§å ? §Ó §´§Ú§Þ§Ñ§ß§à-§±§Ö§é§à§â§ã§î§Ü§à§Þ§å §â§Ö§Ô?§à§ß?.
  • 21. ? §¯§Ñ §Ü?§ß§Ö§è§î §Ý§Ú§á§ß§ñ 2013 §â§à§Ü§å §ã§å§Þ§Ñ§â§ß§Ñ §â§Ú§ß§Ü§à§Ó§Ñ §Ü§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?§ñ §Ó§Ý§Ñ§ã§ß§Ö §á§à§Ý§î§ã§î§Ü§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û, §Ñ§Ü§è?? §ñ§Ü§Ú§ç §Ü§à§ä§Ú§â§å§ð§ä§î§ã§ñ §ß§Ñ §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü?§Û §Ò?§â§Ø?, §á§Ö§â§Ö§Ò§å§Ó§Ñ§Ý§Ñ §Ò?§Ý§ñ §á§à§Ù§ß§Ñ§é§Ü§Ú $ 168 §Þ§Ý§â§Õ, §ë§à §ã§ä§Ñ§ß§à§Ó§Ú§ä§î §á§â§Ú§Ò§Ý§Ú§Ù§ß§à 20% §£§£§± §Ü§â§Ñ?§ß§Ú, §â§à§Ù§â§Ñ§ç§à§Ó§Ñ§ß§à§Ô§à §Ù§Ñ §á§Ñ§â§Ú§ä§Ö§ä§à§Þ §Ü§å§á?§Ó§Ö§Ý§î§ß§à? §ã§á§â§à§Þ§à§Ø§ß§à§ã§ä?. §´§Ñ§Ü§Ú§Û §â?§Ó§Ö§ß§î §ã§á?§Ó§Ó?§Õ§ß§à§ê§Ö§ß§ß§ñ §ã§å§Þ§Ñ§â§ß§à? §Ü§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?? §ß§Ñ§è?§à§ß§Ñ§Ý§î§ß§à§Ô§à §æ§à§ß§Õ§à§Ó§à§Ô§à §â§Ú§ß§Ü§å §Õ§à §£§£§± §Ó §è?§Ý§à§Þ§å §Ó?§Õ§á§à§Ó?§Õ§Ñ? §Ñ§ß§Ñ§Ý§à§Ô?§é§ß§Ú§Þ §á§à§Ü§Ñ§Ù§ß§Ú§Ü§Ñ§Þ §á§à§Õ?§Ò§ß§Ú§ç §â§Ú§ß§Ü?§Ó, §ë§à §â§à§Ù§Ó§Ú§Ó§Ñ§ð§ä§î§ã§ñ. ? §³§å§Þ§Ñ§â§ß§Ñ §â§Ú§ß§Ü§à§Ó§Ñ §Ü§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?§ñ ?§ß§à§Ù§Ö§Þ§ß§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û- §Ö§Þ?§ä§Ö§ß§ä?§Ó §ß§Ñ §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü?§Û §Ò?§â§Ø? §ß§Ñ §Ü?§ß§Ö§è§î §é§Ö§â§Ó§ß§ñ 2013 §â§à§Ü§å §ã§Ü§Ý§Ñ§Ý§Ñ $ 69 §Þ§Ý§â§Õ.
  • 22. §¯§Ñ §Ü?§ß§Ö§è§î §é§Ö§â§Ó§ß§ñ 2013 §â§à§Ü§å §Ó §á'§ñ§ä?§â§Ü§å §á§â§à§Ó?§Õ§ß§Ú§ç §Ò§Ý§Ñ§Ü§Ú§ä§ß§Ú§ç §æ?§ê§à§Ü §Ù§Ñ §â§à§Ù§Þ?§â§à§Þ §Ü§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?? §ä§Ñ §Ý?§Ü§Ó?§Õ§ß§à§ã§ä? §å§Ó?§Û§ê§Ý§Ú §Õ§Ó§Ñ §Ò§Ñ§ß§Ü§Ú, §à§Õ§ß§Ñ §ã§ä§â§Ñ§ç§à§Ó§Ñ §Ü§à§Þ§á§Ñ§ß?§ñ, §à§Õ§ß§Ö §á?§Õ§á§â§Ú?§Þ§ã§ä§Ó§à §Ü§à§Ý§î§à§â§à§Ó§à? §Þ§Ö§ä§Ñ§Ý§å§â§Ô?? ? §à§Õ§Ú§ß §ß§Ñ§æ§ä§à§ç?§Þ?§é§ß§Ú§Û §Ü§à§ß§è§Ö§â§ß. §¯§Ñ§Ù§Ó§Ñ §´§Ú§Ü§Ö§â §¬?§Ý-§ä§î §Ñ§Ü§è?§Û §Ó §à§Ò§à§â§à§ä? §Ó§ã§î§à§Ô§à,§Þ§Ý§ß §Ñ§Ü§è?§Û (§Ó §Õ§å§Ø§Ü§Ñ§ç ¨C §Õ§à§Ý§ñ free float) §¬§Ñ§á?§ä§Ñ§Ý?§Ù§Ñ§è?§ñ(§é§Ö§â §Ó§Ö§ß§î 2015)PLN §Þ§Ý§ß §°§Ò§à§â§à§ä §Ù§Ñ §é§Ö§â§Ó§Ö§ß§î 2015 PLN §Þ§Ý§ß §¥§Ú§Ó?§Õ§Ö§ß§Õ§ß§Ú§Û §Õ§à§ç?§Õ (% §Ô§à§Õ.) PKO Bank Polski PKO 1 250,0 (63,4%) 46 500 2 189 3,4 Bank Polska Kasa Opieki PEO 262,5 (49,9%) 43 045 1 724 5,1 Powszechny Zaklad Ubezpieczen PZU 86,4 (64,8%) 39 169 1 492 4,9 KGHM Polska Mied? KGH 20??0,0 (68,2%) 22 200 2 504 8,8 PKN Orlen PKN 427,7 (93,5%) 18 584 1 042 3,5
  • 23. §µ§¹§¡§³§¯§ª§¬§ª §¶§°§¯§¥§°§£§°§¤§° §²§ª§¯§¬§µ §¯§Ñ §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §Ó §±§à§Ý§î§ë? §Õ?§ð§ä§î §ä§Ñ§Ü? §à§ã§ß§à§Ó§ß? §Ô§â§å§á§Ú ?§ß§ã§ä§Ú§ä§å§è?§Û§ß§Ú§ç ?§ß§Ó§Ö§ã§ä§à§â?§Ó, §ñ§Ü §á§à§Ý§î§ã§î§Ü? ?§ß§ã§ä§Ú§ä§å§è?§Û§ß? ?§ß§Ó§Ö§ã§ä§à§â§Ú, §á§à§Ý§î§ã§î§Ü? ?§ß§Õ§Ú§Ó?§Õ§å§Ñ§Ý§î§ß? ?§ß§Ó§Ö§ã§ä§à§â§Ú, §Ù§à§Ó§ß?§ê§ß? ?§ß§Ó§Ö§ã§ä§à§â§Ú. §±§â?§à§â§Ú§ä§Ö§ä§ß§Ú§Û §á§à§ä§Ö§ß§è?§Ñ§Ý §á§à§Ý§î§ã§î§Ü§Ú§ç ?§ß§ã§ä§Ú§ä§å§è?§Û§ß§Ú§ç ?§ß§Ó§Ö§ã§ä§à§â?§Ó §Ó§Ü§Ý§ð§é§Ñ? §Ñ§Ü§ä§Ú§Ó§Ú §á§Ö§ß§ã?§Û§ß§Ú§ç §æ§à§ß§Õ?§Ó, §ã§ä§â§Ñ§ç§à§Ó§Ú§ç §Ü§à§Þ§á§Ñ§ß?§Û, ?§ß§Ó§Ö§ã§ä§Ú§è?§Û§ß§Ú§ç §æ§à§ß§Õ?§Ó (§å §ä§à§Þ§å §é§Ú§ã§Ý? §Õ§Ö§â§Ø§Ñ§Ó§ß§Ú§ç, §à§Ò§à§Ó'§ñ§Ù§Ü§à§Ó§Ú§ç ? §á§â§Ú§Ó§Ñ§ä§ß§Ú§ç §Õ§à§Ò§â§à§Ó?§Ý§î§ß§Ú§ç §æ§à§ß§Õ?§Ó) §ä§Ñ ?§ß§ê§Ú§ç ?§ß§ã§ä§Ú§ä§å§è?§à§ß§Ñ§Ý§î§ß§Ú§ç §å§é§Ñ§ã§ß§Ú§Ü?§Ó §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó. §¶?§Ù§Ú§é§ß? §à§ã§à§Ò§Ú §ß§Ñ §á§à§Ý§î§ã§î§Ü§à§Þ§å §â§Ú§ß§Ü§å §è?§ß§ß§Ú§ç §á§Ñ§á§Ö§â?§Ó §ã§Ü§Ý§Ñ§Õ§Ñ§ð§ä§î §á§â§Ú§Ò§Ý§Ú§Ù§ß§à 1/3, ? ? §ä§Ö§ß§Õ§Ö§ß§è?§ñ §Õ§à §Ù§Ò?§Ý§î§ê§Ö§ß§ß§ñ ?§ç §é§Ú§ã§Ý§Ñ. §¸§Ö §ä§Ñ§Ü§à§Ø §Ó?§Õ§ß§à§ã§Ú§ä§î§ã§ñ §Õ§à §Õ?§ñ§Ý§î§ß§à§ã§ä? §ß§Ñ §æ§à§ß§Õ§à§Ó§à§Þ§å §â§Ú§ß§Ü§å ?§ß§à§Ù§Ö§Þ§ß§Ú§ç ?§ß§Ó§Ö§ã§ä§à§â?§Ó, §å§é§Ñ§ã§ä§î §ñ§Ü§Ú§ç §Ó §à§Ò§à§â§à§ä§Ñ§ç §£§Ñ§â§ê§Ñ§Ó§ã§î§Ü§à? §Ò?§â§Ø? §à§è?§ß§ð?§ä§î§ã§ñ §Ò?§Ý§î§ê §ß?§Ø §Ó 20%.
  • 24. §¹§Ý§Ö§ß§à§Þ §£§¶§¢ ? §ã§å§Ò'?§Ü§ä, §Õ§à§á§å§ë§Ö§ß§Ú§Û §Õ§à §Ù§Õ?§Û§ã§ß§Ö§ß§ß§ñ §Õ?§ñ§Ý§î§ß§à§ã§ä? §ß§Ñ §Ò?§â§Ø?, §Ù§à§Ü§â§Ö§Þ§Ñ, §Õ§à §Ó§é§Ú§ß§Ö§ß§ß§ñ §Ò?§â§Ø§à§Ó§Ú§ç §å§Ô§à§Õ. §²?§ê§Ö§ß§ß§ñ §á§â§à §Õ§à§á§å§ã§Ü §Õ§à §Õ?§ñ§Ý§î§ß§à§ã§ä? §ß§Ñ §£§¶§¢ §±§â§Ñ§Ó§Ý?§ß§ß§ñ§Þ §£§¶§¢. §©§Ô?§Õ§ß§à §Ù §Õ?§ð§é§Ú§Þ§Ú §á§â§Ñ§Ó§Ú§Ý§Ñ§Þ§Ú, §é§Ý§Ö§ß§à§Þ §£§¶§¢ §Þ§à§Ø§Ö §ã§ä§Ñ§ä§Ú: ? ?§ß§Ó§Ö§ã§ä§Ú§è?§Û§ß§Ñ §Ü§à§Þ§á§Ñ§ß?§ñ §Ó §â§à§Ù§å§Þ?§ß§ß? §á. 33 §ã§ä. 3 §Ù§Ñ§Ü§à§ß§å "§±§â§à §ä§à§â§Ô§Ñ§ç ?§ß§ã§ä§â§å§Þ§Ö§ß§ä§Ñ§Þ§Ú", §ñ§Ü§Ñ §Ù§Õ?§Û§ã§ß§ð? §Ò?§â§Ø§à§Ó? §å§Ô§à§Õ§Ú §Ù§Ñ §ã§Ó?§Û §â§Ñ§ç§å§ß§à§Ü §Ñ§Ò§à §Ù§Ñ §â§Ñ§ç§å§ß§à§Ü §Ü§Ý??§ß§ä§Ñ, ? ?§ß§ê§Ú§Û §ã§å§Ò'?§Ü§ä, §ñ§Ü§Ú§Û ? §é§Ý§Ö§ß§à§Þ §¯§Ñ§è?§à§ß§Ñ§Ý§î§ß§à§Ôo §Õ§Ö§á§à§Ù§Ú§ä§Ñ§â?§ð, §ñ§Ü§Ú§Û §Ù§Õ?§Û§ã§ß§ð? §å§Ô§à§Õ§Ú §Ó§Ú§Ü§Ý§ð§é§ß§à §Ù§Ñ §ã§Ó?§Û §â§Ñ§ç§å§ß§à§Ü, ? ?§ß§ê§Ú§Û §ã§å§Ò'?§Ü§ä, §ñ§Ü§Ú§Û §ß§Ö ? §é§Ý§Ö§ß§à§Þ §¯§Ñ§è?§à§ß§Ñ§Ý§î§ß§à§Ô§à §Õ§Ö§á§à§Ù§Ú§ä§Ñ§â?§ð, §ñ§Ü§Ú§Û §Ò?§â§Ø§à§Ó? §å§Ô§à§Õ§Ú §Ó§Ú§Ü§Ý§ð§é§ß§à §Ù§Ñ §ã§Ó?§Û §â§Ñ§ç§å§ß§à§Ü, §Ù§Ñ §å§Þ§à§Ó§Ú, §ë§à ?§Þ §Ò§å§Õ§Ö §Ó§Ü§Ñ§Ù§Ñ§ß§à §é§Ý§Ö§ß §¯§Ñ§è?§à§ß§Ñ§Ý§î§ß§à§Ô§à §Õ§Ö§á§à§Ù§Ú§ä§Ñ§â?§ð, §ñ§Ü§Ú§Û ? §Ó?§Ù§î§Þ§Ö §ß§Ñ §ã§Ö§Ò§Ö §Ù§à§Ò§à§Ó'§ñ§Ù§Ñ§ß§ß§ñ, §á§à§Ó'§ñ§Ù§Ñ§ß? §Ù §â§à§Ù§â§Ñ§ç§å§ß§Ü§Ñ§Þ§Ú §Ù§Ñ §å§Ü§Ý§Ñ§Õ§Ö§ß§Ú§Þ§Ú