One-2-One buys back its shares and plans acquisition

25-08-2008, 11:23

Warsaw (Puls Biznesu) – The company plans to buy back its shares and strengthen the group. It will soon announce the name of its new target.

Next week, shareholders of One-2-One, the company focusing on mobile technologies, will decide whether to implement a buyback.

“We do what many other companies are doing right now. We want to buy back our shares when they are cheap in order to make money in a new issue in the future”, Mariusz Malec, One-2-One CEO explained.

The company may buy back up to 20 percent of its shares. It plans to spend PLN 2.6m (EUR 787,800) for this purpose.

MCI fund, the owner of 30 percent of One-2-One shares, has come up with the idea to buy back shares. MCI planned to withdraw from the company but because of bearish markets it has to wait.

In the first half of the year, One-2-One had PLN 31.2m of sales, up from PLN 7.76m a year ago. The net income amounted to PLN 457,000, up from PLN 38,000 a year earlier. Mariusz Malec, the company CEO, promises organic growth and acquisitions.

“We are working on acquisitions in Poland and abroad. I hope one transaction will be concluded in September or October. Then, when the first one is over, another acquisition is possible, a smaller one”, the CEO said.

(PLN 1 = EUR 0.303)

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