Demand drives Inter Groclin Auto president to sell shares in car parts giant

Founder and president of Inter Groclin Auto, Zbigniew Drzymała, sold 352,000 shares in the company, worth zł.132 each, during Wednesday's WSE session. Financial investors bought the shares in more than ten blocks (the largest was 40,000 shares) soon after the WSE session started, making share price fall by 3.3%. Drzymała, who sold his stock for over zł.46 million, still owns almost 3 million Groclin's shares but said he is not planning to sell them over the next 12 months. He currently controls 53.4% of the company's capital and 63.5% votes during shareholders meetings. Drzymała explained that the motivation behind selling a part of his shares was demand from financial institutions. He said that the transaction would "let us increase the liquidity of shares on the bourse and increase their investment attractiveness." The company, which manufactures car accessories and employs disabled people, posted over zł.9 million net profit in Q2 and its income was zł.128.6 million, zł.7.3 million more than in Q2 of 2003. (Parkiet, p. 4) D.W.