LC Corp., the homebuilder controlled by Leszek Czarnecki wants to raise PLN 285m (EUR 74.7m) on the stock exchange. The majority of funds will be spent to build homes in six locations. The company will also acquire lots for future projects. 163m of LC Corp.’s shares will be listed, including 57m of newly issued ones. The rest will be sold by LC Corp BV, a Dutch company fully owned by Leszek Czarnecki. The whole offer will be worth PLN 800m. New shareholders will get 30 percent of LC Corp.
The funds will constitute just part of planned investment projects. LC Corp. estimates it will spend PLN 3.3 billion, including 80 percent of bank credits, PLN 215m of the company’s own funds and PLN 150m of future income. PLN 60m will be spent to build Sky Tower, Poland’s highest block of flats to be located in Wroclaw. The other homes and blocks of flats will be built in Krakow, Warsaw and Lodz.
(PLN 1 = EUR 0.262)