Stalexport to stay afloat through new zl. 212 million issue

Shareholders of Katowice-based steel trader Stalexport have unanimously agreed to the company's continued operation. At the same time, they decided to increase its capital by no more than zl. 212 million by issuing shares with a nominal value of zl. 2 each. Stalexport's president, Emil Wasacz, is very satisfied with the decision. "In late March-early April the company's liabilities should be converted into shares as one of the elements of the firm's financial restructuring process. According to preliminary decla rations, Stalexport's creditors will take over shares worth zl. 200 mi llion," said Wasacz. If this scenario becomes a reality, there will be considerable changes in the ownership structure. The share of the European Bank for Reconstruction and Development (EBRD) will drop from 30% to around 4% with PKO BP and the National Environmental Protection Fund (NFOS) taking control of Stalexport, and changes to the firm's supervisory board, and consequently to its management, should be expected. (Puls Biznesu, p. 17) A.Z.