Braster with new share issue to finance expansion and acquisition

WSE-listed medical diagnostic producer Braster plans to enter 14 foreign markets over the next two years and will acquire one company in H1 this year, company’s CEO Marcin Halicki said. In order to finance these plans, the company will issue PLN 60-70 million worth of ex-rights new shares. “We’re negotiating several M&A deals and plan to spend PLN 16.8 million on it. We’re looking at the telemedicine sector right now and should announce more details in Q2. The company also wants to enter 11 new markets this year and three in 2018, including China, the US, the UK, India. The cost of setting up operations in a new market depend on its size. Small ones can cost between PLN 0.6-4 million, while the biggest ones will take up to PLN 20 million, Halicki explained. Braster expects that by 2021 90 percent of its sales will come from exports, the company also said.