Piast privatization fund to transform into an investment vehicle

Piast privatization fund has announced its new strategy to become an investment vehicle that will consolidate minority holdings of the other NFI funds, after it completes a zł. 50 million buyback. The fund will have net assets of approximately zł. 35 million after buying back 24.9% of outstanding stock that it would later write off. The company is now gearing up for a zł. 71 million share issue addressed to other NFI funds and would like the shares to reach the market in September. The capital raised in the share issue would be used to buy out minority stakes held by the aforementioned NFI funds in several companies. Piast would later consolidate its assets to become a large investor with a significant stake that might attract potential investors. Piast's strategy suggests more ambitious plans, including a possible change to a closed investment fund. The company does not rule out further share issues. (Parkiet, p. 4) J.K.