Glinik mining machines producer looks for funds

APA - Austria Presse Agentur
opublikowano: 14-02-2006, 17:07

Warsaw (Puls Biznesu) – Glinik will decide in the second half of this year whether to raise cash in the stock market or from an investor.

Warsaw (Puls Biznesu) – Glinik will decide in the second half of this year whether to raise cash in the stock market or from an investor.

Fabryka Maszyn Glinik, the producer of mining machines which has five subsidiaries, will soon decide about its future.

“Decisions may be made in the second half of the year after the organizational structure of the capital group will have been simplified”, Mieczyslaw Brudniak, Glinik CEO said.

There are many companies interested in Glinik, including listed Kopex or Famur which is also getting ready to be listed. Today, a controlling stake of Glinik is owned by Inwest Glinik (81.5 percent), a company owned by the management and employees of Glinik. They took the shares from the Ministry of the Treasury. There are three big capital groups in the mining industry, including Kopex, Famur and Ryfama.

Last year, Glinik founded its company in Siberia which is signing contracts for the Polish company. Exports generate over half of Glinik’s sales. The CEO forecasts that this year sales will grow by 20 percent to over PLN 400m (EUR 105.2m). The company employs 2,100 people today. Last year, it had PLN 10m of net income according to preliminary data.

(PLN 1 = EUR 0.263)

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Podpis: APA - Austria Presse Agentur