Elektromontaż-Warszawa tries to free itself of Mostostal Export

The shareholders want to dismiss all the members of the supervisory board designated by Mostostal Export, which controls 65.5% of Elektromontaż's shares. They also claim that the majority shareholder was acting to the company's detriment, and want an auditor to evaluate the damage. Elektromontaż wants to buy its shares back from Mostostal Export. "There are absolutely no grounds for formulating such accusations against us. I also cannot see any point in doing so now that the company is facing financial difficulties," said Michał Skipietrow, Mostostal Export's president. The latest fuss around Elektromontaż Warszawa positively influenced the company's value on the Warsaw Stock Exchange, which yesterday grew by 6.7% and reached its highest level for twelve months. (Parkiet, p. 3) A.F.