EI Seals Skarbiec Acquisition Deal with BRE Bank. Check it out:
(Polish News Bulletin Via Thomson Dialog NewsEdge) On 26 September Enterprise Investors (EI) signed an agreement with BRE Bank concerning the acquisition of a 100-percent stake in Skarbiec Asset Management Holding (SAMH). According to its plans, it will sell the company on to another investor after three to five years. EI is hoping for a threefold or even fourfold return on the investment. The transaction, which is to be realised in Q1 of 2007, will cost Enterprise Investors ZL155m. Its CEO Dariusz Pronczuk announced that EI is presently waiting for the approval of the Commission for Financial Supervision (KNF) and the Office for Competition and Consumer Protection (UOKiK) in order to complete the operation. By the end of 2006, SAMH will repurchase 62,000 of its own shares from BRE Bank in order to write them off for ZL62m. SAMH CEO Boguslaw Grabowski said that the Skarbiec brand will be retained by the holding. In 2006, Skarbiec group generated a net profit of ZL8.3m, while in H1 of 2006 its earnings amounted to ZL12.6m.
Copyright 2006 Polish News Bulletin of the British and American Embassies. Source : Financial Times Information Limited.
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