That sinking feeling

Alan Heath
12-06-2001, 00:00

That sinking feeling

The treasury has another problem with a sell off of a company in the maritime industry following the cancellation of plans to privatise Gdynia based Dalmor. This time it is the Cegielski works in Poznań which makes ships engines. The treasury has decided to allow itself more time to choose between the three companies bidding for a stake in the company.

The three in the running are the Gdynia shipyard, the Greek energy firm Prometheus Gas and Cemag which is a company made up of workers and management from the plant.

The treasury had until 8 June to make its mind up which of the three would get exclusivity although it has decided to extend the deadline until 20 June.

The treasury has offered no excuses. It is offering between ten and 85 percent of the capital of the company. The book value of the company is PLN137m whilst the share capital is PLN70.2m divided into 1.4bn shares for PLN50 each. Therefore the cheapest package would cost over PLN7m whilst the most expensive would be just under PLN59.7m. However that is not the end of the story. The investor would be expected to significantly increase the capital of the company.

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