Sale of stake in Browary Lubelskie brings brewer Strzelec more liquidity

Kredyt Bank has paid nearly zl.28.3 million for a 26.09% stake in Browary Lubelskie (BL). However, Krakow brewery Strzelec S.A., which sold the shares, insists that it does not intend to dispose of the brewery. Explaining the reason for the sale, Adam Brodowski, president of Strzelec and its biggest shareholder, said, "For the sake of the company's liquidity we decided to transfer part of BL shares to Kredyt Bank. The bank is the owner formally, but we retain the rights associated with ownership of those shares." Analysts point out that the transaction, which values BL at twice the level of two years ago, is favorable for the brewery, since it has gained a convenient source of financing for its operations. Despite the poor economic climate and the high excise tax, both BL and Strzelec sold more beer last year than in 2000, with sales up by 23% and 25% respectively. (Rzeczpospolita, p. B4) M.K.