Kopex to let its lame duck entities die and sell its stake in bank GBG

During yesterday's General Shareholders Meeting of Kopex, a company s pecializing in mining services and equipment, its president Rafał Rost, announced that the firm would concentrate on tidying its capital group and that some of its unprofitable entities might go bankrupt. "Between July and August we will make a detailed analysis of all companies in our group, as the results show that some parts are pulling us down, a fact we cannot tolerate," said Rost. The stock-listed firm is still planning to dispose of its 10.6% stake in Bank GBG worth zł. 40 million. Kopex sustained its 2003 financial forecast of net profits amounting to zł. 9.8 million, as it expects a substantial increase in foreign contracts. It will soon begin carrying out contracts worth over $100 million in Yugoslavia, Egypt and Vietnam, as well as working with partners in Iran, Russia and Yemen. (Parkiet, p. 6) M.M.