JW Construction on the market
According to Rzeczpospolita, Wojciechowski is currently negotiating with two banks and a construction company and he is considering selling up to half of the shares of JWC.
Wojciechowski stressed that if a bank is chosen as the strategic investor, the shares will be divided equally, which appears to be his preference. If a construction company is chosen, he would prefer to keep the majority share. "We already have a loan offer from the potential investor, which no other bank would grant," Wojciechowski told Rzeczpospolita.
The JWC owner says he would like to take the final decision by September this year. If he succeeds in reaching an agreement with a bank, JWC could debut on the Warsaw Stock Exchange in two years' time. The firm has been planning its IPO since 2001.
Although the market value of the developer is not known, Wojciechowski's fortune is estimated at up to zł.300 million. He founded JWC 13 years ago. The company has completed about 13,000 flats, and is the leading developer on the Polish market.
The company has proved controversial in the past, and was often subject to customers' accusations concerning the quality of its flats and unfair practices in signing purchase agreements. In mid 2005, for example, the Court of the Office of Competition and Consumer Protection accused JWC of employing unfair provisions in its contracts.
