Ster-Projekt takeovers and share issue on schedule

At the end of October, IT integrator Ster-Projekt plans to issue new shares and collect zł. 100 million from the floor. Part of this sum will be used to fiance the takeover of two companies. The first acquisition is a company providing services to telecom operators, and will cost about zł. 20 million. The second involves taking over over a consulting company. The remaining capital will supply Ster-Projekt's working capital and be spent on organic development of the business. Moreover, it has signed a conditional purchase agreement with Grupa Onet to acquire an 85% stake in DRQ. "We would like to consolidate DRQ with the results of our group as soon as possible. I think this might happen at the end of Q1 2004," Piotr Smólski, the president of Ster-Projekt, told a press conference. The company has also published its 2003 forecast, according to which it should post a zł. 10 million net profit on revenues of zł. 370 million. (Parkiet, p. 3) M.M.