Brewing cash
At the next shareholders meeting of Warsaw brewers BW, delegates will be invited to decide on increasing share capital by PLN700,000. These shares are aimed at giving existing shareholders the right of first refusal. The Austrian Brau Union has wanted to take the brewery under its wing for some time but still has not got the permission of the interior ministry to do so. The date of the share offer has been put back whilst the Austrians sit biting their nails and waiting for a letter from the interior ministry. For the past two weeks the person who should be signing this letter has been away. It is quite clear that Brau Union will not risk its money without a permit and therefore the shares will largely be directed at management who last year bought stock from employees. BW can propose a very interesting local market as it represents the capital but it needs a great deal in investment to bring it up to scratch. The failure of the interior ministry here and again will cost local jobs and vital time. Brau Union has already shown its commitment to Poland with investments in Rzeszów based Van Pur and Bydgoszcz based Kujawiak. To make up for cash shortfall and to streamline its organisation, BW is selling surplus real estate. Last year it sold a facility in Wyszkow and at this monthís shareholders meeting it will decide on its unprofitable plants at Kutno and Ciechanów. Rumour has it that there are interested parties for both facilities.