Jupiter's targets takeover

Those who hold issue rights can sign up for shares between June 24 and 26. "I have no doubt that the issue will be a success," says Janusz Koczyk, Jupiter's CEO, stressing the attractiveness of the price.

As of March 31 Jupiter's net assets amounted to zł.90 million. The new issue will raise the fund's capital by zł.26 million and increase its liquidity. Within the next six to 12 months Jupiter may sell - depending on the price offered - Datacom and the WSE-listed Energopol Południe and Nowa Gala, to gain around zł.60 million, giving it zł.130 to zł.140 million in net assets, the amount it needs to finance its new strategy.

"At the beginning of the year we announced our new strategy, which assumes that in a year we will build a portfolio of eight to 10 companies, which we will be looking for outside the stock market. We will increase their capital and then introduce them on the bourse," says Janusz Koczyk. He adds that Jupiter will be acquiring companies that are rapidly growing and stresses that it wants to have control over the way they are managed.

Within three to five years such companies are to be sold at a profit. "We won't be entering projects with a return-on-investment rate lower than 20 to 25 percent annually," explains Koczyk. "An ideal project from our point of engagement should be worth around zł.10 million," he says, adding that the fund is mostly interested in companies that offer products to individual customers.