Stolica package delivery service to receive $13 million in next two years

Enterprise Investors (EI), which manages the Polish Enterprise Fund IV, says that zl.22 million have been invested in Stolica S.A. through the fund to date and adds that within the next two years the package and parcel delivery service company, which has cooperation agreements with global players such as Airborne Express and Federal Express, will receive another $13 million. EI has purchased 22% of Stolica's shares and says it would like to unload its stake in Stolica either through a listing on the Warsaw Stock Exchange or a sale to another investor in four to six years. Stolica, which employs 2,500 and has 43 branches throughout the country, held 27% of the domestic market share in 2000 and posted net profit of zl.8 million last year. Throughout the nineties, the local market for such services grew by 40-50% each year. Although the sector's expansion is expected to slow down in the new millennium, industry observers say growth prospects are still promising. (Prawo i Gospodarka, p.4) A.D.