Banks to take control of Stalexport after debt conversion

"In the first quarter we should sign the final agreement with the banks. As a result, part of the company's debts will be converted into Stalexport shares," revealed Stalexport's president Emil Wąsacz. According to Wąsacz's estimations, the value of converted debt may amount to approximately zł.60 million, which means that the banks (such as ING BSK) will take over full control over the company. Stalexport's president also stated that the ownership changes may take place by the end of 2006. He revealed that Stalexport has received offers from companies interested in the purchase of its subsidiary Stalexport Autostrada Małopolska (SAM), but declared that the company will not be sold and intends to develop its activities further within this segment of the market. (Puls Biznesu, pp. 1, 14) E.B.