EI moves sale of Polfa Kutno shares ahead of schedule

Enterprise Investors (EI) has decided to dispose of its 72.6% stake in pharmaceuticals producer Polfa Kutno at approximately zł. 250 per share. The total value of the transaction, scheduled for the end of September, will reach zł. 480 million. According to Parkiet daily, citing unofficial sources, the buyers are likely to be open pension funds, insurance companies and asset management companies. The sale comes a slightly ahead of the originally scheduled date in the fourth quarter. The main factor behind speeding up the transaction is the rapid growth of Polfa's share price. In the last three months the pharmaceutical producer's shares soared by over 66% to zł. 259 per share. Polfa Kutno closed 2002 with a net profit of zł. 23.1 million and says this year the target is over zł. 31 million. (Parkiet, p. 1) J.K.