Marvipol to list automotive segment

Property developer Marvipol plans to spin off its automotive retail segment and list it on the Warsaw Stock Exchange, the company’s CFO Paweł Szymański was quoted as saying by ISBnews. The company will also sell its car wash business within the next two years. “The developer, automotive and car wash segments do not provide us with measurable synergies,” Szymański said when explaining the plan. The IPO of the automotive segment is due to take place within the next 12 months. Proceeds from the offering will help finance expansion of the retail network, valued at some PLN 60 million.