MCI moves to cash in on JTT Computer's tax victory

MCI Management, a venture capital fund investing in IT companies, is preparing to sell its stake of 36.05% in the Wrocław-based company. According to anonymous sources, negotiations with potential new investors are in progress. The stake controlled by MCI became attractive after JTT received a refund of zł. 21 million of overpaid tax. In any other case nobody would be interested in purchasing a company with debts of zł. 50 million. "I think that now MCI can receive around zł. 1 million for its stake," said Michał Janik, an analyst with PKO BP brokerage house. This would mean that the venture fund would only make a very minor profit, as the book value of the shares is zł. 867,000. Another alternative is that if JTT fails to reach a compromise with its creditors it will have to announce bankruptcy. In such a case MCI could easily take over the rights to the Adax brand name and sell it on with extra profits. (Puls Biznesu, p. 11) A.K.