Bloomberg News

Polimex Jumps as Billionaire Ups Stake in Builder: Warsaw Mover

September 26, 2012

Polimex-Mostostal SA (PXM) jumped to a three-month high after Polish billionaire Roman Karkosik’s Impexmetal SA (IPX) raised its stake in Poland’s second-largest construction company.

The shares surged as much as 9.6 percent to 0.91 zloty, the strongest intraday level since June 21, and traded 6 percent up at 0.88 zloty as of 11:54 a.m. in Warsaw. The stock has gained 67 percent this month, compared with a 4.3 percent advance in the WIG20 Index.

Impexmetal, a Polish steel and metal company, increased its holding of Polimex’s shares to 6.6 percent from 4.6 percent, Polimex said in a regulatory filing today. The builder plans to raise about 500 million zloty ($155 million) from share sales to bondholders, current owners and strategic investor, it said on Sept. 18.

“It shows that there might be some investors ready to even take control of the company,” Bartlomiej Kubicki, a Vienna- based analyst at Raiffeisen Centrobank AG, said in an e-mail today. “It’s also possible Karkosik may take part in the new share issue plan.”

VIS Construction Group of Russia is considering buying a stake in Polimex, Parkiet reported on Aug. 22, citing a person close to Polimex. VIS is ready to invest at least 100 million euros ($129 million) on the Polish builder, the newspaper said.

To contact the reporter on this story: Piotr Bujnicki in Warsaw at pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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