Grajewo Pfleiderer looks to raise zł.290 million

Timber company Grajewo Pfleiderer, 78.1% controlled by Pfleiderer Holzwerkstoffe, will issue new stock worth zł.270-290 million by the beginning of July. Part of the new capital, namely around zł.110 million, will be designated to purchase over 40% of stock in Pfleiderer Prospan from the German parent company. The other part of the proceeds, zł.160-180 million, will be mainly invested in a new chipboard plant in Russia. Grajewo will also take loans of zł.190 million to conclude financing the investment project. The German investor will further remit 10.79% of old shares in Grajewo, which will result in decreasing its stake in the Polish company to about 60%. (Rzeczpospolita, p. B5) M.M.