Polnord raises capital with sight sets on larger goals

"We are interested in issuing up to 5 million shares at a price of zł.10 per piece. On February 23, a general shareholders meeting will be held during which concrete resolutions will be voted upon," said Polnord president, Andrzej Piasecki. He went on to reveal that the company's largest shareholder, Prokom Investments, declared that it will take advantage of its pre-emptive rights. Therefore, Polnord can raise up to zł.50 million. Polnord said it will sell surplus assets to raise additional capital, "We will earmark up to zł.20 million to pay off debts. We want to improve our balance before executing more serious investments," added Piasecki. Polnord's order portfolio for this year stands at zł.350 million and it is rumoured that it will grow in the next few months. The news lead to a rise in the value of the company's share price on the WSE yesterday by 26.7%. (Puls Biznesu, pp. 1, 7) A.K.