WARSAW, June 24 The European Bank for
Reconstruction and Development (EBRD) plans to invest
up to 50 million zlotys ($16.3 million) to buy around 5 percent
in Polish private fund TFI Altus, the bank said on Tuesday.
Altus oversees assets worth over 5 billion zlotys across 36
funds. It would be the first mutual fund and asset management
company in which EBRD has invested since its launch in 1991.
The EBRD wants to buy the fund's shares in its upcoming
initial public offering (IPO). Altus plans to debut on the
Warsaw bourse next month. It will be offering shares
worth up to 193 million zlotys.
"With the capital raised in the IPO, we plan to scale up our
business with a potential acquisition of a mid-sized investment
fund manager," Altus Chief Executive Officer Piotr Osiecki said.
The EBRD, set up to help the countries of the former Soviet
bloc make the transition to market economies, has up to now
invested almost 7 billion euros ($9.5 billion) in Poland in more
than 325 projects.
($1 = 3.0601 Polish Zlotys)
($1 = 0.7357 Euros)
(Reporting by Adrian Krajewski; Editing by Christian Lowe)