NFI Fund unwelds itself from debt-ridden welding-equipment manufacturer

National Investment Fund (NFI) No. 1 has sold its 33% stake in Wroclaw-based welding-equipment manufacturer Przedsiebiorstwo Aparatury Spawalniczej Aspa to three local individuals. The shares were sold for zl. 3.10 each. NFI No. 1 is believed to have earned zl. 1.015 million. According to Marek Gorski, board member of BRE Cesco which administers NFI No. 1, the sale of Aspa had been planned earlier but a big investor could not be found. Therefore BRE had no alternative but to sell off Aspa to individuals. The three investors had earlier acquired 27% of Aspa's shares, and the latest transaction brings their total combined stake to 66%. Aspa, however, has serious solvency problems and it is not yet clear how the new owners will turn around the debt-burdened company. Aspa was founded in 1945 as a medium-sized factory producing an array of welding accessories and low wattage electric motors. In the first quarter of this year, it had revenue of zl. 4.3 million, with a net profit of zl. 44,000. (Rzeczpospolita, June 25-26, page B3). S.M.