Polish Enterprise Fund L.P. expects that as a result of its public tender offer for shares in glassmaker Krosno, it will raise its stake in the firm to 25-30% from 10%, a fund official said.
The offi…
Polish Enterprise Fund L.P. expects that as a result of its public tender offer for shares in glassmaker Krosno, it will raise its stake in the firm to 25-30% from 10%, a fund official said. The official said that during the public tender announced last month, it purchased about 8% of the country“s leading glass maker. “We are satisfied with the results of the tender so far,” said Jacek Siwicki, deputy president of Enterprise Investors, which runs Polish Enterprise Fund L.P. The fund opened a public tender offer for 1,327,150 shares in Krosno at Zl 31 per share and said it wanted to ultimately hold up to 50% stake in the company. Siwicki said that Enterprise Investors, which has assets of some US$ 300 million, plans to keep its stake in the glass company at least to the end of 2002. “We want to be present in Krosno“s supervisory board,” he said. Named after the southeastern city in which it is based, Krosno manufactures glassware and fibreglass. The company had a Zl 4.8 million net profit on sales of Zl 34.1 million in the first half of the year. It expects to increase its net profit by Zl 200,000 to Zl 8.6 million (US$ 2.11 million) in 1999 on sales of Zl 247 million, up from Zl 226.2 million last year.