Zurawie: up to PLN 100m from planned issue

2010-02-08

Zurawie Wiezowe, which is currently merging with the firm Gastel, expects to earn between PLN 50m (€12.3m) and PLN 100m (€24.5m) from a share issue scheduled for the end of Q2 2010.
According to statements released by the company, it will begin drafting the issue prospectus in the near future. The cash from the issue will help finance its acquisition of the Treasury-owned firm PBE Elbud Gdansk. It also has plans to replenish its machine park with new hydraulic and tower cranes, thanks both to purchases of new equipment and takeovers of companies possessing such stock.
Representatives of the merging firms likewise stated that they expect the formal union to take place in the first days of March. The name of the new company formed from the union - Gastel Zurawie - will be officially adopted after a shareholders' meeting of Zurawie Wiezowe scheduled for 22 February. The merging firms expect their combined revenues to reach PLN 101.3m (€24.8m) in 2010 and to post a net profit of PLN 18.4m (€4.5m). By 2012 the new firm will have revenues in the region of PLN 200m (€49m).

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