Comp issues shares to finance acquisitions

APA - Austria Presse Agentur
30-09-2005, 14:05

Warsaw (Puls Biznesu) – Comp, an IT company from Rzeszow, south-eastern Poland, plans to buy two Polish and two Slovakian companies.

Warsaw (Puls Biznesu) – Comp, an IT company from Rzeszow, south-eastern Poland, plans to buy two Polish and two Slovakian companies.

We have already exchanged letters of intent, Adam Goral, Comp CEO said.In Poland, Comp is going to buy a company specialising in IT solutions for small companies. The other offers IT solutions for medium-sized companies. Their joint sales will amount to PLN 28m (EUR 7.1m) this year. Net income should amount to PLN 4.5m. The two acquisitions will cost PLN 42.4m.The acquisitions in Slovakia amount to PLN 21.5m and concern companies offering services for public sector. There are already financial plans for 2006 for them. Sales should amount to PLN 45m and net income to PLN 4.3m. Comp will have about 55 percent of their capital. All transactions should be finalised at the end of this year, so the results will be consolidated next year.In 2005, Comp plans PLN 200-220m of sales and PLN 20-23m of income.It is very probable that the results will be better. But we will make new estimates at the beginning of December when we know everything, Adam Goral said. Till the end of 2006, Comp will need PLN 80m for its projects. PLN 15m will be financed from its own sources, PLN 45m from issuing new shares and PLN 20m from bank credits. The upcoming shareholders’ meeting to be held on October 7th will discuss the issue. Up to 400,000 new shares are to be published.(PLN 1 = EUR 0.255)


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Podpis: APA - Austria Presse Agentur


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