Ivax off to slow start
Major Polish investment funds stayed clear of Ivax last Friday, which was making its first appearance on the WSE.
"Why should we be buying Ivax?," asked one fund manager. "To be honest, we expect them to withdraw from the Warsaw bourse sooner or later."
Ivax's new listing comes a result of its deal to buy Polish drugmaker Polfa Kutno. In order to pay for the takeover, Ivax exchanged Polfa Kutno's stock for its own. Polfa Kutno will now no longer be listed on the exchange.
Polfa Kutno's sales finished at zł.250 million last year, which equals five percent of those gained by Ivax.
The company hopes to use Polfa Kutno as a foothold for further expansion into Central and Eastern Europe.
(A.K., Reuters)
"Why should we be buying Ivax?," asked one fund manager. "To be honest, we expect them to withdraw from the Warsaw bourse sooner or later."
Ivax's new listing comes a result of its deal to buy Polish drugmaker Polfa Kutno. In order to pay for the takeover, Ivax exchanged Polfa Kutno's stock for its own. Polfa Kutno will now no longer be listed on the exchange.
Polfa Kutno's sales finished at zł.250 million last year, which equals five percent of those gained by Ivax.
The company hopes to use Polfa Kutno as a foothold for further expansion into Central and Eastern Europe.
(A.K., Reuters)
