Treasury ready to aid FSO once investor is found

Yesterday, the car manufacturer's general shareholders meeting voted to increase the plant's capital by zł.26.6 million to reach zł.1.18 billion. "The new shares will be acquired by the State Treasury and will be paid for by funds earmarked for aid for the plant. We urgently need the money, as we have problems with purchasing components for production of cars for the domestic market," said Janusz Woźniak, FSO president. Although according to legal regulations the share issue has to be executed within six months, the Treasury Ministry sets its terms. "We have to be sure that the restructuring program is being carried out. An important element of that is an alliance with an investor," said Deputy Treasury Minister Dariusz Marzec. The company is also awaiting another zł.26 million which was guaranteed by the State back in April, which will be used as compensation packages for employees who were earlier laid off. (Puls Biznesu, p. 4; Parkiet, p. 1) A.K.