Stalexport no more lacks money

MG
25-02-2008, 10:33

Warsaw (Puls Biznesu) – The company has a lot of  cash but its shareholders won’t get any dividend this year.

Stalexport Autostrady, earlier Stalexport, will finalize the transaction of selling its steel business to Zlomrex this month. On January 8th, the company received PLN 100m (EUR 28m) from Zlomrex, on February 29th, further PLN 38.7m will be paid.

“For the first time in several years I can say that the company has more cash than it needs”, Emil Wasacz, SA CEO said.

However, the company won’t pay out any dividend this year. Because its financial situation is so good, the company may earlier pay back the two last installments provided in its settlement.

“In the years 2008-14, we are supposed to pay to the state PLN 78m”, Emil Wasacz said.

 

The situation of the company improved when an Italian investor bought its shares in 2007. Atlantia is one of Europe’s biggest highway sector companies. On January 18th, it conveyed 56.24 percent of SA to its subsidiary: Autostrade per Italia.

“SA has good perspectives but its future depends on if it wins tenders to build and exploit highways, and what contracts are these going to be”, Maciej Bobrowski, BDM analyst believed.

SA along with its owner and Polimex-Mostostal takes part in three key tenders to build and exploit A4 road Stykow-Konotopa worth over EUR 1bn. The tender will be concluded in May.

(PLN 1 = EUR 0.280)

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Podpis: MG

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Puls Inwestora / Stalexport no more lacks money