Investment advisors buy Alumetal cheaply

APA - Austria Presse Agentur
opublikowano: 04-11-2005, 14:50

Warsaw (Puls Biznesu) - Alumetal, once a subsidiary of listed Kety, had PLN 417.5m (EUR 105m) of sales and PLN 16.6m of net income in 2004. It was the second consecutive year of record results after it had PLN 300m of sales and PLN 17m of income in 2003. The problem is that in 2002, a private investor bought the company.

Warsaw (Puls Biznesu) - Alumetal, once a subsidiary of listed Kety, had PLN 417.5m (EUR 105m) of sales and PLN 16.6m of net income in 2004. It was the second consecutive year of record results after it had PLN 300m of sales and PLN 17m of income in 2003. The problem is that in 2002, a private investor bought the company. It was Marcin Billewicz, who in 2003 sold part of the shares to Grzegorz Stulgis. They paid PLN 457,000 for 100 percent of Alumetal. Billewicz was once Kety investor relations advisor while Stulgis was asset manager in Credit Suisse, which owned Kety shares.

The parties explained that Alumetal had debts, financial troubles and did not suit Kety's strategy. However, several months after the acquisition, new owners paid themselves out PLN 5m of dividend. In 2005, a dividend of PLN 4m was approved of. Alumetal boasts on its web page to be Poland's biggest producer of aluminium products, who proceeds 60,000 tonnes of scraps annually. Grupa Kety claimed that the transaction was favourable to it.

(PLN 1 = EUR 0.251)

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Podpis: APA - Austria Presse Agentur