Condomi gives in to Unimil
Financial trouble has pushed the German firm Condomi AG into the arms of its Polish subsidiary Unimil, which is the biggest condom producer in Poland. Unimil controls 70 percent of the Polish condom market, and sells 100-120 million condoms a year.
Unimil has signed an agreement to purchase Condomi's liabilities for 16 (zł.67) million, as well as the liabilities of two of Condomi's main shareholders. In return, Unimil will take over 74.4 percent of its own shares and almost 40 percent of Condomi's shares.
Condomi seems to be having serious problems, with a 37 (zł.155) million debt, a result of failed investments.
Recently, Unimil sold 1.7 million out of two million shares, which were offered to institutional investors at a cost of zł.40 each. Thirty-two investors registered for the C-series shares. (A.B., PAP)
Unimil has signed an agreement to purchase Condomi's liabilities for 16 (zł.67) million, as well as the liabilities of two of Condomi's main shareholders. In return, Unimil will take over 74.4 percent of its own shares and almost 40 percent of Condomi's shares.
Condomi seems to be having serious problems, with a 37 (zł.155) million debt, a result of failed investments.
Recently, Unimil sold 1.7 million out of two million shares, which were offered to institutional investors at a cost of zł.40 each. Thirty-two investors registered for the C-series shares. (A.B., PAP)
