BGZ draws up plans for raising additional zl.600 million

Bank Gospodarki Zywnosciowej (BGZ) has drawn up plans to boost its capital in the first half of next year by around zl.600 million, to zl.1.5 billion, an increase that may mean finding a new investor. "If the State Treasury cannot find the capital for the bank, then the best solution would be the entry of a strategic investor," Michal Machlejd, president of the bank, said in an interview with the Polish Press Agency (PAP). The capital increase is expected to be achieved through a share issue aimed at a wide group of investors, including current shareholders and Polish and foreign financial institutions. "The price per share will be made known by September 20," said Anna Pawelska, a spokesperson for BGZ. Puls Biznesu estimates that the value of the issue will be between zl.300 million and zl.1 billion. (Prawo i Gospodarka, p. 10; Puls Biznesu, p. 10) P.W.