Warsaw (Puls Biznesu) – The company with headquarters in Wroclaw will spend PLN 22m (EUR 6.5m) for acquisitions. The subscription for its shares has just started.
Budopol Wroclaw, a company whose 33 percent is owned by listed Gant, published its issue prospectus. The company plans to issue 26m shares at PLN 1 a share. Subscription will start on October 6th and end on October 10th. Gant wants to buy the majority of newly issued shares. The company wants to increase its stake to 66 percent.
The majority of funds raised on the WSE will be spent for acquisitions.
“We are in talks with two companies which we want to buy. One of them is a road building company, the other one is an installation company. They are small Polish businesses. I hope we should agree for the transactions before the end of 2009”, Miroslaw Motyka, Budopol CEO said.
The rest of PLN 26m raised on the WSE will be spent to buy equipment (PLN 1m) and to expand in Poland. Budopol plans to launch outlets in Poznan, Warsaw and Krakow, which will cost PLN 3m till the year 2010.
(PLN 1 = EUR 0.298)