Zurawie Wiezowe construction cranes company plans a new issue

19-07-2007, 21:38

EFH Zurawie Wiezowe, a listed company leasing construction cranes, wants to raise PLN 41m (EUR 10.9m)   to buy new equipment.

The company will issue over 2.4m new shares. “Just after the first issue, we understood that the needs are much bigger. Hence the decision about another issue”, Grzegorz Zolcik, EFH CEO said.

Before it had raised its first funds on the WSE, the company had 44 construction cranes. In June, the number grew to 80. The new issue will allow us to buy 40-50 new ones.
 
Today, EEF is Poland’s second largest company as far as the number of equipment is concerned. Before the IPO, it was the fourth one. Soon, it will fight to become the leader.

“Today, the biggest company has 164 items. At the beginning of 2008, we should have 110-120 ones and at the end of 2008 and the beginning of 2009 we should have about 200 cranes at our disposal”, Grzegorz Zolcik enumerated.

According to the company’s estimates, there will be 5,000 cranes needed in Poland in 2011 and the market will be worth PLN 1.5 billion.

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