Full steam ahead for Newag's IPO plans

"The floatation could be carried out in April 2008. Depending on our needs we might raise up to zł.100 million," said Zbigniew Jakubas, owner of a 96% stake in Newag. The company most of all needs funds to boost and modernize production, especially engines and fast passenger trains. It might also take over one or two companies operating on the rolling stock market. "We are interested in a Polish and Bulgarian company. Within two weeks we shall know more about the chances of acquiring them," said Zbigniew Jakubas. Newag is working at full capacity, mainly fulfilling contracts for the Częstochowa Steel Mill and General Electric, with the latter it might soon sign another contract worth up to $150 million. (Parkiet, p. 7) M.M.