Investors tune out during Broker FM launch

Broker FM, which controls the largest domestic commercial radio station, RMF FM, debuted yesterday on the Warsaw Stock Exchange selling 1.24 million shares (38% of the company's capital) for which financial investors paid a joint sum of more than zł.103 million. The debut share price stood at zł.83.4, which was 0.5% more than the issue price. Despite that, the price took a fall afterwards closing at zł.75.1 by the end of the trading session. The funds were used to withdraw from a leasing contract of real estate in Alwernia and to split TV-related assets from the company. This also means that in order to carry out its main radio projects, which is the launch of RMF Maxxx and RMF Classic, the concern will have to seek funds outside the bourse. Company representatives plan to base future investments on loans from banks. (Puls Biznesu, p. 5) A.K.