WARSAW, June 16 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
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