Cycle producer Kross to expand in Europe following IPO

The largest domestic bicycle producer Kross is to list its shares on the Warsaw Stock Exchange this fall, and submit its issue prospectus to the Securities and Stock Exchange Commission in September. The manufacturer plans to increase its capital by 25-30% and raise around zł.50 million from the floor. The founder and current sole owner of the company, Zbigniew Sosnowski, plans to devote zł.20 million from the acquired funds on developing its sales in West Europe. Part of the funds will also be used to construct a manufacturing plant in Russia, thus supporting its sales on Eastern markets. The remainder of the money will be used to increase operating capital. The company recorded a 2003 net profit of zł.7.8 million on revenues of zł.143 million. (Parkiet, p. 6) A.K.