Mewa buys remaining stake in Szame underwear producer

09-01-2007, 17:11

Warsaw (Puls Biznesu) – The underwear producer is now a 100 percent owning of Mewa, a company recently listed on the Warsaw Stock Exchange. Investors approved of the transaction.

Warsaw (Puls Biznesu) – The underwear producer is now a 100 percent owning of Mewa, a company recently listed on the Warsaw Stock Exchange. Investors approved of the transaction.

Mewa, which had 20 percent in Szame, decided to buy the remaining 80 percent in this company. Szame owners are also the members of Mewa board of directors and the supervisory board. Mewa issued 600,000 shares of C series. In the second half of the year, they will be listed.

“We won’t sell them this year”, Jozef Kiszka, Mewa CEO said.

Today, Szame has 6 own shops selling underwear, 16 franchised ones and 9 in Ukraine. It also has three LOOkat shops.

“We will spend PLN 5.5m (EUR 1.4m) to develop Szame network. This year, we will launch 15 own shops. We will spend PLN 2m for LOOkat shops, there will be 10 new ones this year”, Jozef Kiszka added.

 

In the three quarters of 2006, Mewa had PLN 18m of sales and PLN 2.1m of net income. This year, it plans to increase revenues by 20 percent. Mewa stock ended 7.1 percent up at PLN 3.75 after the transaction was announced.

(PLN 1 = EUR 0.259)

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