Odlewnie Polskie shareholders decide on zl.3 - zl.4 mn share issue

Shareholders of Odlewnie Polskie group will decide today at its general shareholders meeting whether or not to issue zl.3 to zl.4 million more in shares to cover the foundry's debts, which now total over zl.42 million. The meeting, which started discussing the matter of a share issue at its Dec. 14 GSM last year, was broken off when shareholders decided to wait for the results of an analysis of the group's restructuring program. Notably, the high cost of restructuring Odlewnie Polskie's subsidiaries has significantly affected the company's financial results, with net losses reaching zl. 8.6 million in 1999 and, according to analysts, very likely much more in 2000. Nonetheless, according to company executive Jacek Wojtan, most costs have already been covered, which feeds hopes for better results in the future. (Puls Biznesu, p.6