WARSAW, July 5 (Reuters) - Polish retail group Emperia Holding plans to spin off and list its real-estate arm, with the decoupling expected to finish at the turn of 2014 and 2015, the firm’s chief executive was quoted as saying on Saturday.
“We are conducting the separation so that the two companies will be listed independently of each other,” Dariusz Kalinowski told Parkiet daily. “Shareholders of Emperia will be at the same time shareholders of the development firm.”
Kalinowski added that Emperia had cash reserves of about 150 million zlotys ($49.2 million) at the end of the first quarter so for now there were no plans for the real-estate arm to raise fresh capital through the listing. ($1 = 3.0511 Polish Zlotys) (Reporting by Marcin Goettig; Editing by David Holmes)