Złomrex prepares for take over spree following debut

Złomrex, a company selling scrap metal, hopes to debut on the bourse in November. The value of the offer has been compared in size with the one of GTC assessed at zł.420 million. "We will publicly offer a 15%-30% stake in the company, which should be worth a few hundred million złoty," said Przemysław Sztuczkowski, president and owner of Złomrex. The firm needs to raise funds from the bourse to carry out acquisitions. "We intend to purchase scrap metal processing companies as well as producers of steel goods. We are in advanced talks with several companies, and we expect the first take over to be carried out in mid 2005," said Sztuczkowski. In 2003, the company had revenues of over zł.700 million and a net profit of zł.20 million. (Puls Biznesu, pp. 1, 11) M.M.