Eurofilms stretch film producer plans to raise PLN 20m in WSE

APA - Austria Presse Agentur
28-02-2006, 15:23

Warsaw (Puls Biznesu) – Eurofilms, the Polish producer of stretch film, needs PLN 20m (EUR 5.3m) for investments. It will raise cash in an IPO. Present shareholders will also sell some of their stock.

Warsaw (Puls Biznesu) – Eurofilms, the Polish producer of stretch film, needs PLN 20m (EUR 5.3m) for investments. It will raise cash in an IPO. Present shareholders will also sell some of their stock.

Eurofilms submitted its prospectus in the Securities and Exchange Commission (KPWiG) on Friday. The Warsaw company invests in increasing its capacity. The film market is developing fast.

“The date of the IPO depends on when we finish the necessary procedures and on the situation on the market. We want to conduct the IPO this year”, Grzegorz Kedzierski, Eurofilms CEO said.

The funds will be spent to launch the third stretch film production line. This kind of film is used to secure big cargos.

“Forecasts say that this market will grow 15 percent a year. Our present capacity amounts to 18,000 tons a year and it is too small already. We want to increase it to 27,000 tons”, Grzegorz Kedzierski said.

Eurofilms is Poland’s second largest stretch film market estimated at 60,000 tons a year. Stretch films constitute 90 percent of Eurofilm’s sales. The rest are PVC and BOPP films used in packages.

Eruofilms’s main shareholder is Ergis, dealing with artificial products (83 percent) and Finergis, an investment company belonging to the group DBG Eastern Europe (about 17 percent).

“Our shareholders are going to sell part of their stakes in the IPO. It is too early to say how big their stakes could be. Ergis will remain the main shareholder”, the CEO added.

Millennium DM brokerage will offer the shares. Eurofilms had PLN 99.6m of sales last year and PLN 6.17m of net income. Exports constituted 23 percent of sales.

“We want to increase exports to 40 percent. We want to enter new markets, including Austria and Switzerland”, Eurofilms’ head said.

(PLN 1 = EUR 0.265)

 

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Podpis: APA - Austria Presse Agentur

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