Polmos Bialystok may be worth over PLN 1 billion

APA - Austria Presse Agentur
20-06-2005, 14:58

Warsaw (Puls Biznesu) – The Ministry of Treasury has to decide, which company: Sobieski Dystrybucja or CEDC will be offered to buy Polmos Bialystok vodka producer. Sobieski offered the highest price but Polmos staff do not accept this investor. They are afraid the company could not be able to pay promised price.

Warsaw (Puls Biznesu) – The Ministry of Treasury has to decide, which company: Sobieski Dystrybucja or CEDC will be offered to buy Polmos Bialystok vodka producer. Sobieski offered the highest price but Polmos staff do not accept this investor. They are afraid the company could not be able to pay promised price. When several days ago, the ministry decided to stop talks with Sobieski, its owner, Belvedere, shed in Paris 25 percent.

Last week, the Treasury held talks with Central European Distribution Corporation. ‘Trade unions and the management were for CEDC. The company has for many years cooperated with Polmos Bialystok. Sobieski increased its price but it is not the price but chances for cooperation between the investor and staff that matters. The worst thing would be to delay decision and the entrance of investor’, Bogna Sikorska, BGZ analyst commented. ‘The Ministry should continue talks with CEDC. Sobieski offered more, but not much more than CEDC, I’ve heard. I believe, Polmos Bialystok will cost over PLN 100 a share, so the ministry will achieve its targets of collecting at least PLN 1 billion’, Dorota Puchlew PKO BP analyst added.

 

The Ministry of Treasury has already decreased the capital of the company and taken over PLN 200m (EUR 48.9m) from its banking accounts. Nearly PLN 300m was raised in the stock market. Unofficial sources say, the strategic investor may pay over PLN 700m, or even PLN 1 billion. Several years ago, the value of Polmos Bialystok was estimated at PLN 600-800m. Investors refused to pay that much and the ministry had to cancel tenders many times.

(PLN 1 = EUR 0.244)Polmos/Enterprises/Beverages

 

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Podpis: APA - Austria Presse Agentur

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