Kross to delays its IPO to at least Q3

The company was planning to float on the Warsaw Stock Exchange (WSE) in Q2 at the latest, but it will not be possible until autumn. "There are several things inside the company that we still have to deal with. This is going to take some time and that is why we decided to suspend our work on the prospectus," explained Zbigniew Szabłowski, Kross's financial director. The sole owner of the company is its founder Zbigniew Sosnowski. After the IPO, the new shareholders will take control over 25-30% of the capital. The firm's revenues in 2003 amounted to zł.143 million, on which is made a net profit of zł.7.8 million. According to Szabłowski, the net profit for 2004 is close to the 2003 figure. (Parkiet, p. 3) A.F.