Shares in property developer GTC hit by falls in US dollar

In mid March Globe Trade Centre was valued at over zł.300 and a week later it had no trouble in finding buyers for a rights issue of 1.71 million new shares valued at zł.285. The company raised zł.488 million for further expansion in the region. Why then have shares in the developer fallen in price? "We do not see any connection to the recent fall in price with the fundamentals of the company. We are developing in line with our plans. In the last few days we started operating in the Bulgarian market and we are working on new transactions in CEE," said Mariusz Kozłowski, a member of the Management Board at GTC. The fall in the company's share price may be down to the situation with the dollar. The US currency has weakened recently against the złoty and the euro. Meanwhile, most of GTC's income comes from prices fixed in dollars or in some way indexed to the US currency. (Parkiet 24 April p.3) S.D.