GTC gears up to hold new share issue as stock price nears record highs

Book building ends today, after which the board will set a price for new shares. Investors are to pay for the assigned shares by Friday. On Monday the board will submit the appropriate applications to the Warsaw Stock Exchange (WSE) in order to have rights to shares listed from the coming Wednesday. The GTC shareholders meeting decided to emit 1.8 million shares which will total almost 8.3% of the increased capital. The shares are going to be offered only in private subscription by CDM Pekao and ING Securities. The capital gained in this issue (estimated at about zł.500 million) will be spent on new projects, for example 350 apartments in Bratislava, the cost of which will total euro 35 million. At the moment GTC's shares are nearing their highest level ever. They have risen 70% since the beginning of this year, and yesterday reached zł.294 (-3%). GTC operates in Poland, Hungary, Romania, Czech, Serbia, Croatia. (Parkiet, p.1) J.L.