With investor for non-core business, Mostostal Export targets development

A Western financial investor is reportedly interested in acquiring Delia, a group of Mostostal Export's non-core subsidiaries, which the construction firm is looking to sell off. Delia includes nine companies from such sectors as textiles, food and electrical machinery. ⌠We have already begun talks with potential investors for two of the companies [from Delia] but now there is an investor who is thinking about acquiring the whole Delia group,■ said Mostostal Export president Michal Skipietrow. He would not reveal the name of the investor, but it is likely to be a Western investment fund. The sale of Delia could speed-up the restructuring process of Mostostal, which is looking to focus solely on construction and property development activities. Proceeds from sell-off of non-core businesses will be spent primarily on development activities, on which Mostostal Export plans to spend zl.1.9 billion in the years 2001-2003, with zl.1.35 billion of that amount assigned to Warsaw. Skipietrow said that the company does not need to seek a strategic investor, but will be looking for partners to co-finance its development projects. (Puls Biznesu, p.6) T.J.