Drewex wants to raise PLN 4.4m on the WSE

MAG
20-03-2008, 11:34

Warsaw (Puls Biznesu) – The producer of children’s furniture and accessories wants to sell 0.9m shares. It will have its debut on  the Warsaw Stock Exchange in April.

Book building for Drewex shares will start on March 31st. The issue price of 0.9m shares of E series will be published on April Fools’ Day. Institutional investors will be offered 0.8m shares. Individual investors will get only 0.1m of them. The company wants also to issue 25,000 shares for its employees. If all the stock is sold, new investors will control 23.4 percent of Drewex, and have 19 percent of votes. Piotr Polak, Drewex CEO, will remain the major shareholder.

Drewex wants to raise PLN 4.4m (EUR 1.2m) of net income. Half of this amount will be spent to buy new machines. Drewex considers acquisitions. It also wants to add a new product to its portfolio this year and start producing furniture from, e.g., metal.

This year, the company plans to raise PLN 29m of sales and PLN 2m of net income.

(PLN 1 = EUR 0.281)

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Podpis: MAG

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