Underpriced Centromor

opublikowano: 2007-08-16 17:53

Bidding to buy 52 percent of Centromor is ridiculous, Krzysztof Piotrowski, CEO of Porta Holding alarms. The starting price amounts to a mere PLN 7.75 million (EUR 2.1m). The winner will seize control over two office buildings in the center of Gdansk, one of which may be worth up to PLN 90 million. And this is just a fraction of Centromor’s assets.

Next week, on August 23rd, the bidding to buy Centromor stake will be held. Centromor was once a foreign trade state-owned company specializing in ships. Today, it is the owner of attractive office buildings. The stock of Centromor belongs to the debt collector from Szczecin. Earlier, it belonged to Grupa Przemyslowa, a company founded by managers of Porta Holding, the owner of bankrupt Stocznia Szczecinska shipyard.

“We filed a suit against the starting price. Centromor owns office buildings whose value is very high”, Krzysztof Piotrowski, Porta Holding CEO and manager of Grupa Przemyslowa said.

The estimated value of Centromor stake amounts to PLN 10.1m. The starting price is PLN 7.75m. One of the office buildings is located in Gdansk downtown. It was built in 2000, has 7,870 square meters of surface. It’s value was estimated at PLN 16.4m in 2005.

The second building is located also in Gdansk. Its surface amounts to 1,360 square meters and in 2005 its value was estimated at PLN 940,000. Specialists agree that a new evaluation should have been made because the prices of lots and buildings in Poland have jumped in the last years.

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