Eastbridge to float retail assets

Eastbridge Group (EBG), the owner of the Empik, Smyk, and Galeria Centrum chains of stores, is taking over the Hetman National Investment Fund, by transferring zł. 700 million worth of its own assets into it. This will allow Eastbridge to carry out the planned floatation on the Warsaw Stock Exchange of its retail business, while simultaneously taking advantage of tax relief for investment funds. In 2003, the turnover of the retail companies controlled by Eastbridge will exceed zł. 1 billion. According to the agreement signed on November 19, Eastbridge is to transfer shares in 11 of its companies, with a total value of zł. 700 million, into Hetman. In return, EBG Group will receive 94.2 million shares in a new issue and 5.8 million NFI Hetman shares, giving the group 91.4% of voting rights at the funds shareholder meetings. BACA's share is to fall to around 6%. (Rzeczpospolita, p. B1) A.K.