Centrozap, a company trading with steel products and coal, used to be listed several years ago. Because of financial problems, it was removed from the stock exchange. Now, it wants to come back on the WSE. The management headed by Ireneusz Krol, is organizing a General Shareholders Meeting on February 22nd. The most important issue will be voting over issuing new shares of H series.
“The issue will be offered to financial investors”, Jaroslaw Latacz, Centrozap spokesman said.
Today, the company’s capital amounts to PLN 128.7m (EUR 35.7m). It is going to be raised to PLN 143.7m.
The GSM is also supposed to approve of the company’s attempt to again be listed on the WSE. The issue prospectus is waiting for approval of the Polish Financial Supervision Authority (KNF). The company would like its previous issues to be listed. They were acquired by the company’s creditors in exchange for debts. Funds raised in the issue of shares of H series will be spent to develop the company.
Centrozap’s management promises to diversify operations. The company would like to start energy distribution and wood production. On January 18th, Centrozap signed agreement with Vattenfall Trading Servie to trade energy and with PSE Operator to transmit electric energy. It also founded a company in Russia which is going to produce wood.
According to preliminary data, Centrozap had PLN 24m of net income in 2007. It is going to cover losses generated in previous years.
Centrozap has for years been fighting at courts because of a tax allegedly collected illegally. The amount at issue is PLN 100m.
(PLN 1 = EUR 0.278)