Vistula to spin-off W.Kruk through March
14:57
W. Kruk spin-off from Vistula has been delayed due to ongoing talks with lenders regarding refunding. Since the process will likely take place in the first quarter of the current year, a public offer is to be made next year based on its 2015 performance, Vistula president Grzegorz Pilch informed in an interview for the Polish Press Agency.
“The deadline of the spin-off doesn't seem to be endangered. We have been through initial arrangements with the banks,” Pilch said. The company predicts that the IPO is to take place at the beginning of 2016. “The W.Kruk is likely to debut on the WSE at the end of second quarter of 2016 at the latest,” he added.
Vistula wants to refund long-term bonds worth PLN 119 million with a loan, it was reported previously. W.Kruk may earn dozens of millions PLN thanks to the bond issuing.
Vistula Group is a leading textile company in Poland. The company merged with W.Kruk (Polish jewelery company) in 2008.
