KrakChemia plans to build zł. 15 million shopping mall

Warsaw Stock Exchange listed regional retailer KrakChemia, has announced its plans to build a zł. 15 million shopping mall in the southern town of Nowy Targ. According to KrakChemia's CEO, Grzegorz Plich, the company has not ruled out raising funds on the Warsaw bourse to finance similar projects in other locations. The opening of the 5,000 square meter Nowy Targ shopping center is scheduled for the fourth quarter of 2004. "Due to our expansion outside Kraków, we are considering changing the name of the company," said Pilch. The new name will be made public sometime in August. The firm's last shareholders' meeting decided to move the company's entire net profit of zł. 3.16 million to reserve capital, as "This is needed most in the face of dynamic development and investment planning." KrakChemia already operates a shopping mall in Kraków and a supermarket in the neighboring town of Tarnów. (Parkiet, p. 4) J.K