Bytom shareholders expected to vote for winding up

One of Poland’s largest clothing manufacturers, Bytom, is set to wind up its business activities. A General Shareholders Meeting scheduled for July 25 is expected to approve a management board recommendation that it makes no sense to continue trading under present market conditions. Like other clothing manufacturers, Bytom has been performing poorly as a result of the macroeconomic situation in Poland. The company has been hit hard by the strength of the zloty and the growing competition on the market. The main shareholder in Bytom is Bank Handlowy (BH), with 36.82% of shares. Bank Handlowy, which is also Bytom’s main financial backer, has decided it is no longer profitable to invest in the company. (Rzeczpospolita, p. B3) A.K.