V&W approves share issue worth zł.50 million
The funds will be designated for partial repayment of loans taken from Fortis Bank for purchasing 66 percent stake in jewellery producer W. Kruk, which amounted to zł.300 million with maturity at the end of September. "This month we also plan to repay zł.50 million to zł.100 million. Funds will be obtained from a planned bonds issue," said Michał Wójcik, president of V&W.
In his opinion, repayment of a substantial share of the loan would facilitate negotiations with Fortis Bank concerning the switch of the loan from a short-term to a long-term one, but in case negotiations fail, discussions with other financial institutions are being considered. "We need cash, therefore, in July and August we had a sale of stock. This will certainly influence our margin," said the CEO.
The firm might close Q3 in the red.
Sources: Parkiet, Puls Biznesu, Rzeczpospolita (M.M.)
In his opinion, repayment of a substantial share of the loan would facilitate negotiations with Fortis Bank concerning the switch of the loan from a short-term to a long-term one, but in case negotiations fail, discussions with other financial institutions are being considered. "We need cash, therefore, in July and August we had a sale of stock. This will certainly influence our margin," said the CEO.
The firm might close Q3 in the red.
Sources: Parkiet, Puls Biznesu, Rzeczpospolita (M.M.)
