Battle for WRJ pipe mill begins to heat up

There are two investors interested in the plant: Russian TMK Global (former Sinara), the second largest pipe producer in the world, and listed Alchemia owned by Roman Karkosik, the owner of Huta Batory steel mill. Towarzystwo Finansowe Silesia (TFS) which has a 40.7% stake in WRJ and a 55% stake in WRJ Serwis, the owner of the land on which the plant is built, announced that a general shareholders meeting would take place on June 23. In April 2006 TFS decided to increase the capital of WRJ Serwis from zl.5 million to zl.20 million and hoped that the transaction will allow it to take full control over the company and finalize the agreement of the sale of the rolling mill to the Russian investor. However, on Friday minority investors Enpol and Commpex declared they want to have their share in the WRJ Serwis capital increase. Enpol is to receive the funds for the transaction from Alchemia. Therefore, TFS decided to call the general shareholders meeting in order to annul the decisions of the April general shareholders meeting. (Puls Biznesu, pp. 1, 6) E.B.