Alma Market, the listed retailer, wants its subsidiary to be listed as well. It has just decided that Krakchemia, a distributor of artificial material goods, will issue new shares.
“The prospectus is ready. We will submit it till the end of April”, Andrzej Zdebski, Krakchemia CEO said.
5m new shares will be issued, which will double today’s capital.
“We want to have half of Krakchemia stock and keep control over the company”, Jerzy Mazgaj, Alma CEO and main shareholder said.
The chemical distributor hopes to raise PLN 30m (EUR 7.9m). The company has strategy till 2010. The main point is the acquisition of rival Maximes. An initial agreement has already been signed. Last year, Krakchemia had PLN 213m of sales and PLN 1.87m of net income. This year, it plans to increase sales to PLN 300m. Maximex sales are close to PLN 100m but the profitability stays below 1 percent. Andrzej Zdebski expects that after the merger, the companies will have profitability of 1.5-2 percent. Krakchemia is also going to acquire further distributors of chemical materials. It plans to introduce its own material as well. The company should be listed in the middle of the year.
(PLN 1 = EUR 0.262