Warsaw (Puls Biznesu) – Stalexport will get cash injection and may soon reach agreement with banks.
Stalexport, the Polish listed company trading steel products and managing A4 high-way modernization, has good news for its shareholders. Today, its subsidiary SAM was to announce tender for companies which will modernize the Krakow-Katowice road. SAM received PLN 380m (EUR 99.2m) of credit. PLN 60m of these funds will be transferred to Stalexport.
“The first half will be paid till March 28th, the second in fall 2009”, Mieczyslaw Skolozynski, Stalexport deputy CEO said.
The payment is the result of past agreements between the two companies.
“Capital injection is good news for the company”, Piotr Wisniewski, Amerbrokers analyst commented.
He pointed, however, another problem of Stalexport: the company guaranteed a loan of WRJ, the investment, which has been built for 25 years now, and has not been launched as yet, generating only losses. According to Piotr Wisniewski, until Stalexport solves this problem, it won’t regain investors’ trust.
“The best solution for the company would be to let banks acquire shares of its new issue”, a CEO of a rival company advised.
The problem is the value of the guarantees. Stalexport estimates they amount to PLN 56m while banks say it is rather PLN 108m. An arbitrary proceeding is being conducted to decide who is right, which may last up to two months.
“I can only confirm that we are running advanced negotiations”, Konrad Miterski from ING Bank Slaski (the leader of the consortium of banks crediting WRJ) said.
(PLN 1 = EUR 0.261)