Polnord-Energobudowa to float new shares after merger

The management boards of Polnord and Energobudowa hope that their merger would be registered before the Christmas holidays, which would mean that the new joint share issue could be floated before the end of the year. Through the merger, Polnord will take over all the assets of Energobudowa jointly with its own stake, which will constitute 15% of the share capital of the new venture. Polnord president, Andrzej Ubertowski, said during yesterday's press conference, that the company would try to sell the shares on the Warsaw Stock Exchange and raise additional capital for development. The stake of own shares, which will be owned by Polnord after the merger, is evaluated at over zł. 6 million. According to Ubertowski, the merger will allow the companies to bid for larger contracts. The companies expect their consolidated revenues will amount to about zł. 450 million in 2003. (R zeczpospolita, p. B4) M.M.