EFL president giving strategic stake to foreign investor

Europejski Fundusz Leasingowy (EFL), Poland’s largest leasing firm, is looking for a strategic investor to buy at least 25% in the company from its president and majority shareholder Leszek Czarnecki, who holds 64%. France’s Credit Agricole and UniCredito Italiano are among the top contenders. EFL has huge financing requirements, as this year it is planning to lease assets worth almost zl.1.5 billion, up from zl.1.2 billion in revenues recorded in the year 2000. After finding an investor, later this year the company wants to issue eurobonds worth euro 75-euro 110 million. According to EFL analyst Artur Placzynski, minority shareholders in the company will be offered the opportunity to sell their shares to the strategic investor at the same price as Czarnecki. EFL is estimated to have a 17% share in the Polish leasing services market. (Gazeta Wyborcza, p.21, Puls Biznesu, p.8) T.J