Poland's Polimex to list railway arm Torpol on Warsaw bourse
WARSAW, June 16
WARSAW, June 16 (Reuters) - Poland's troubled construction group Polimex is to list its railway construction arm Torpol on the Warsaw stock exchange next month in a 161 million zloty ($53 million) initial public offering, Torpol said on Monday.
Polimex plans to sell all its shares in Torpol, which it values at 109 million zlotys, and Torpol will sell new shares valued at 52 million.
Polimex was one of the main casualties of a road construction boom in Poland that left many builders saddled with debt. The Torpol listing is part of plans to raise money for debt repayments and current building contracts.
The final price for the share sale will be set on June 25 and the shares are due to start trading in Warsaw on July 8.
Torpol expects to almost double its sales this year to 801 million zlotys, with net profit seen five times larger at 25 million, according to the prospectus for the sale. ($1 = 3.0370 Polish Zlotys) (Reporting by Anna Koper and Adrian Krajewski. Editing by Jane Merriman)