Polnord becomes even more Hungarian

As a result of the call, the Hungarian developer Cordia increased its shareholding in Polnord from almost 66 to 92.29 percent. The investor paid PLN 3.55 per share, thanks to the call Polnord's course did not quit by coronaviruses like other developers - or companies at all.

For now, Cordia has not declared any further steps against Polnord. A forced buyout of minority shareholders requires controlling of at least 95 percent of the shares.

In 2019, Polnord had PLN 147.5 million in consolidated revenues and PLN 116.7 million net loss on continuing operations (i.e. without office buildings sold). Counting before consolidation, the development business alone generated PLN 140.2 million in revenues, PLN 15.9 million in gross profit on sales, and PLN 22 million in net profit.

(Rzeczpospolita)