Polmeat looking for advisor for its IPO next year

Polmeat, a Brodnica-based meat processing plant, is currently planning its IPO. "We plan to complete the transition into a joint-stock company by the end of the year in order to float shares next year," said Janusz Marchlewski, owner of Marlex, a company that owns 30% of Polmeat's stock. The IPO is aimed at raising capital needed to buy high quality materials and support their local production. The company is also looking for an advisor who would help prepare the IPO. Polmeat may have to face certain difficulties, however, as its decisions must have the consent of its numerous shareholders. Apart from Marlex, its shares are owned by the management (40%), Alsero (10%) and a group of farmers consisting of 150 people cooperating with the company (20%). Polmeat's 2003 income was zł.145 million and its profits for the first seven months of 2004 was zł.94 million. (Puls Biznesu, p. 9) D.W.