Stalexport unveils five-year plan for future development

Stalexport shareholders have approved the company's financial report for the last year, which ended with a zl. 190 million net loss. They also decided that the company would issue shares for zl. 200 million. "We will convene the company's general shareholders' meeting by the end of August to approve the consolidated result and the share issue for the creditors," announced company president Emil Wasacz. Last week the creditors agreed a settlement package to reduce Stalexport's debts amounting to zl. 605.7 million. "The management board has prepared a strategy for company activities for 2 002-2007. The enterprise is to focus on trade, drastically lower its costs, withdraw from production and develop its involvement in highways," said deputy chairman of finance, Mieczyslaw Skolozynski. (Puls Biznesu, p. 9) M.T.