Instal Lublin to look for funds

23-06-2008, 16:55

Warsaw (Puls Biznesu) – The new owner of  the company has a plan for it providing for, among others, acquisitions. Before, new shares will be issued.

Instal Lublin, the company specializing in heating and ventilation installations which has recently been in liquidity, is doing better and better.

“Annual sales amount to PLN 60m (EUR 17.8m). We want the company to grow organically to PLN 80-90m of sales and to PLN 200m within 18 months. We will strengthen Instal thanks to mergers and acquisitions”, Dawid Sukacz, the CEO of BBI Capital NFI fund which has a 65.5 percent stake of Instal Lublin said..

The first merger will concern Geoclima, a subsidiary of the fund focusing in air conditioning and ventilation installations. The merger is possible after Instal’s capital is raised. First, the company must pay back its debts. Hence the issue, in which the company will sell 6.07m shares and raise PLN 16m.

“The issue prospectus is being prepared. The issue should be closed in the third or fourth quarter. Then, the merger with Geoclima could start”, Dawid Sukacz said.

Instal Lublin has recently signed a contract to deliver and produce pipelines and technological installations for Cukrownia Krasnystaw sugar plant. The contract was worth PLN 1.05m. Investors did not welcome to the news. On Friday, the stock traded at PLN 2.7, or 4.9 percent lower than on Thursday. The stock has already dived 50 percent since May when BBI Capital NFI bought the stake from Elekomp, a subsidiary of Mostostal-Export construction company.

(PLN 1 = EUR 0.297)

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