Vistula scales down share issue to raise cash quickly

The clothing company's share capital will be thus increased by 10% and the concern hopes to raise zł.50 million from the move. The capital will be spend on the modernization and development of Galeria Centrum, which Vistula & Wólczanka bought at the end of September. The decision concerning the share issue will be made during its general shareholders meeting on November 13. Earlier, the company had announced its intension to issues shares with right to acquire worth zł.100 million. However, the company wants to raise money quickly and conducting a directed share issue mean it can sidestep the formality of having an approved issue prospectus. The concern wants to give priority to its current shareholders. On November 13, the enterprise will also modify its motivation program, which will encompass key workers. (Parkiet, October 14-15, p. 7) M.M.