Elektrim continues to sell its assets - now Rafako

Producer of power boilers Rafako expects that in 2003 its main shareholder Elektrim will sell the 49.9% stake it has in it for between zl. 30-40 million. "We hope that either a sector or financial investor will enter the company. The latter would be more advantageous for us, as this would give us access to capital and guarantees for our orders," said Rafako president Ryszard Kapluk. According to Kapluk, another large shareholder, Energo Investment, is also willing to sell its 21% stake. Rafako's 2003 revenues are expected to slightly drop, but on the other hand it is planning to boost its net profit. The company has signed many export contracts, which will allow it to increase the value of foreign deals from 26% to 38% of sales. (Parkiet, p. 5) M.M.