GTC strengthens its grip on its CEE subsidiaries

As a result of the transaction the GTC stake in its subsidiaries will increase by approximately 20-30% to 95-97%. The transaction also cancels ADRI's rights to co-invest in future projects implemented by GTC in Hungary and the Balkans and in further potential investments in other Central and Eastern Europe countries. "The increase of the stake in our subsidiaries will have a positive impact on GTC's financial results already in 2005 and even more in subsequent years," said Mariusz Kozłowski, a member of GTC's board. According to the company, from the beginning of Q2 2005 its subsidiaries in Central and Eastern Europe have continued to grow rapidly. GTC has managed to lease or sell over 50% of its commercial and office space in projects currently implemented in Hungary, Romania, Serbia and Croatia. "We may achieve higher return rates there, better than in Poland," added Kozłowski. (Parkiet, p. 7) E.B.