Aztec keen to strengthen position on market

2012-01-23



Aztec International, which manufactures, among other things, seals and roof fastenings, wants to form a large capital group and is also keen to strengthen its position on the market. It also wants to develop new technologies and free itself from reliance on external suppliers, Parkiet reported.
Aztec's senior management reported that the company is seeking a potential acquisition target. It is interested in a company from the same branch operating outside Europe with revenues exceeding Aztec's by approximately 30%. Talks are currently in progress, but no more details have yet been disclosed. In addition, Aztec is considering acquiring a second firm on the European market and this process may be finalised in the first half of 2012.
To finance the takeover Aztec intends to hold a public share offering worth PLN 10-12m (€2.3-2.8m) and the group may use such an occasion to transfer from the NewConnect market to the main trading floor of the Warsaw Stock Exchange (GPW). Another source of funding may come from investment funds which the company wants to invite to co-operate with it.
In the first three quarters of 2011 the Aztec group generated revenues of PLN 9.2m (€2.1m) and posted a net profit of PLN 1.4m (€325,517).

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