Prokom wants consolidation
The news on 23 August of a planned bond issue by Prokom Software for PLN150m — PLN200m as well as no decision being found on the question of a sale to TPSA of a majority stake in portal Wirtualna Polska caused a rapid drop in the value of the shares of the Gdynia based company.
Prokom MD Ryszard Krauze claimed that the cash was needed for debt renegotiations and investments and that those investment banks which gave negative comments on the state of the company were not fully informed. The funds, he claimed, is not being used to buy bonds in Prokom Investments for which demand is likely to be light.
Last autumn Prokom took a ten percent stake in systems integrator Softbank which works largely in the banking sector. Plans were to be made of a possible merger. A little later Prokom bought shares in Ster-Projekt, an integrator which largely serves the armed forces and police. Krauze now claims that plans on a possible consolidation have been put back to the end of the year.