Shares in one of Poland’s top clothing retailers, Redan, shot up this morning by 12.6 percent on the Warsaw Stock Exchange, following news that the company is in the process of selling a 25-percent stake in its Adesso subsidiary to the private equity fund 21 Concordia. The transaction could be worth up to PLN35m, giving the fund a possibility to expand its holding with another 11-percent stake once the deal is closed. Adesso manages Redan’s discount chain TextilMarket.
“The price offered by the fund reflects the current market value of Adesso, about PLN 3.9 per share,” said Bogusz Kruszyński, deputy CEO at Redan, adding that the company will keep its controlling stake in Adesso, which will boost the company’s performance.
