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Irena: major rights issue planned

Polish soda and lead crystal producer Irena is planning to raise Zl 20 million through a rights offering. Management board chairman Bolesiaw Felczak said the proceeds would be split evenly between cap…

Polish soda and lead crystal producer Irena is planning to raise Zl 20 million through a rights offering. Management board chairman Bolesiaw Felczak said the proceeds would be split evenly between capital investments and quality upgrading. The cash generated will enable the company to increase its production capacities and also acquire a glassworks in Ukraine, the Baltic countries or Slovakia. In the first half of this year, Irena boosted its export revenue by 50%, with exports now constituting around 70% of total sales. In particular, the company benefited from a strong dollar and a weak euro. Dollar-area sales make up around 75% of foreign sales revenue, and sterling sales 15%. Irena production equipment, however, is purchased mainly within Europe. For the year 2000, Irena is forecasting Zl 86.3 million in sales (up 12.4% on 1999) and a net profit of just over Zl 5 million (+16%).

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