Polnord conquers Germany, plans merger with Energobudowa

Polish construction company Polnord has signed another contract for construction work in Germany amounting to DM 1.23 million. The company will build ready-made garage constructions in prefabrication plants belonging to an unnamed contractor. "We do not want to expand further on the German market due to the problems with German officials. We only sign contracts with previous contractors, since then we can be sure to receive payment for our work," said Polnord president Andrzej Ubertowski. The company expects to record revenues of zl. 200 million this year, with net revenue of zl. 5.2 million, according to adjusted forecasts. The company is planning to merge with Energobudowa, which is a dependent partnership of Prokom Investment. Both companies have already been audited and are now negotiating parity of share exchange. Merger should be accomplished by the beginning of 2001. (Puls Biznesu, page 3)