Ponar plans new issue in March

opublikowano: 22-01-2007, 12:11

Warsaw (Puls Biznesu) – The hydraulics elements producer is finishing its issue prospectus. This year, the company will focus on acquisitions and its machine park.

Warsaw (Puls Biznesu) – The hydraulics elements producer is finishing its issue prospectus. This year, the company will focus on acquisitions and its machine park.

 

The shareholders of Ponar, the producer of hydraulics elements, have a chance to buy 5.2m shares of a new issue.

“The issue prospectus is nearly ready. We will submit it to the Financial Supervision Commission next week. If everything goes well, the subscription for a new issue will be conducted in March”, Arkadiusz Sniezko, Ponar CEO said.

Thanks to the issue Ponar will raise over PLN 20m (EUR 5.2m) for new investments.

“In 2007 we want to focus on acquisitions and organic growth. We are going to buy many new machines and increase capacity”, Arkadiusz Sniezko explained.

 

Ponar group will soon finalize the transaction to buy Belgian Hydromeca, its business partner who sells its products in the UK, France and Benelux countries.

“We are ready to close this transaction within several days”, the CEO said.

A 100 percent stake of Hydromeca costs EUR 630,000. The Belgian company is going to have PLN 11m of sales and PLN 800,000 of net income this year.

Ponar is also seriously interested in Relpol, another company from its branch, listed on the Warsaw Stock Exchange. Jointly with its main shareholders, Ponar already controls 19 percent of Relpol.

(PLN 1 = EUR 0.259)

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