Stalexport’s CEO gets out of arrest, the stock rebounds

APA - Austria Presse Agentur
20-09-2006, 11:47

Warsaw (Puls Biznesu) – Emil Wasacz, Stalexport’s CEO who was arrested on Monday, is expected to be back at work today. The stock of the listed steel distributor and road building company rebounded yesterday.

Warsaw (Puls Biznesu) – Emil Wasacz, Stalexport’s CEO who was arrested on Monday, is expected to be back at work today. The stock of the listed steel distributor and road building company rebounded yesterday.

 

After Emil Wasacz, once the Minister of the Treasure and since 2000 Stalexport’s CEO, was arrested on Monday, the stock of the company was disturbed and now a new head may be appointed. The allegations of the prosecutor’s office have nothing to do with Stalexport which specializes in steel trade and the construction of highways but Autostrade, the Italian investor who bought in July a 21.6 percent of Stalexport is not comfortable with the situation. Yesterday, Andrzej Mikosz representing Autostrade (and the former Minister of the Treasure) was not available to comment on this matter. Analysts have no doubts.

“The foreign investor gave Stalexport’s CEO a credit and wanted him to head the company. The allegations may adversely affect the credit, especially that it is the state who decides about tenders to build highways. The Italians indeed may be worried”, Lukasz Hejak, DM Millennium analyst said.

 

According to Mieczyslaw Skolozynski, Stalexport’s deputy CEO responsible for finances, Emil Wasacz will come to work tomorrow.

“We have some cases to discus. The company is operating normally”, Mieczyslaw Skolozynski said.

The day of the meeting of the supervisory board will be known soon. Galliano Di Marco from Autostrade will head the meeting for the first time. The board will evaluate the aftermaths of Emil Wasacz’s arrest for the company and shareholders. Meanwhile, the stock of the company rebounded yesterday after it had dropped 7 percent on Monday.

“Stalexport’s stock has been growing for some time because the company found an investor for its road building operations and plans to sell the steel unit. The management said that the Italians would buy newly issued shares next year. There will be a call tender for up to 66 percent stake”, Lukasz Hejak said.

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Podpis: APA - Austria Presse Agentur

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