Carlsberg's Polish subsidiary, Carlsberg Okocim, is set to be de-listed from the Warsaw Stock Exchange in 2004 at the same time as Poland is scheduled to join the EU.

Carlsberg Okocim president, Marcin Pirog, suggested that a fair value for the shares at the moment would PLN28, considerably higher than their current value on the market of PLN12.50.

"It (the de-listing) will not happen in the coming year," Pirog said. "With Poland to enter EU in the middle of 2004, we'll talk about quitting the exchange at that time."

Following the recent increase in the company's capital, Carlsberg's share in Carlsberg Okocim stands at 61.57%, down from its previous 80.38% participation. The German brewer, Bitburger, now owns 23.4% stake. The stake owned by Poland's Industrial Development Agency (ARP) has fallen from 7.64% to 5.85%.