Venture fund pioneer on the WSE floor

Sometime later this year or in 2001, MCI Management will be listed as the first venture capital fund on the Warsaw Stock Exchange (WSE), since it received permission for debut from the Securities and Stock Exchange Commission (KPWiG) on Friday. "About 10% of the new issues will be available in our offer and about 3% will be reserved for management buy-outs," said Tomasz Czechowicz, president and holder of 60% stake in MCI Management. Stock partnership Howell owns about 40% stake in MCI Management. At present the venture fund is engaged in seven projects, among which is 40% engagement in JTT Computer, the second largest computer producer in Poland. Revenue from the issue will be spent paying off debts, financing current projects and investing further in Internet partnerships. MCI Management's consolidated losses by the end of April 2000 amounted to zl. 1.88 million. (Rzeczpospolita, Nov. 4-5, p. B1)