Stalexport delays decision on $24.2 million share issue

Steel trader Stalexport announced Friday that it has postponed until February 23 a final decision on a new share issue that could double its capital. Shareholders had been expected to approve a capital injection of between three and 10 million new shares, worth as much as zl.100 million ($24.2 million). Stalexport management had assumed all systems were go for the capital boost, but it turned out that the company's liabilities require further evaluation. Despite the delay, president Emil Wasacz stressed the significance of the capital injection for the company's continuing restructuring plan. Stalexport's chief shareholders are the European Bank for Reconstruction and Development, with nearly a 30% stake, and the State Treasury, with 17%. (Reuters)