After watching its stocks tumbled 90 percent of the Warsaw Stock Exchange over the last six months, Alterco said it might sell off some of its Polish assets this year. The development company’s biggest shareholder is the Cypr-based Stoneshore Consultants, which may acquire the indebted properties across the country. “We’re currently in the middle of the turbulence on the capital markets, particularly the real estate sector,” said Mariusz Lewandowski, the head of Alterco. The company posted a significant loss last year, thanks to inventory revaluation errors. It also owes its bondholders PLN 100m, which will need to be paid off in 2013. “We plan to pay those liabilities earlier, to reduce our debt, raising the funds from the bonds issue dedicated to particular institutional investors,” said Lewandowski. “The second scenario is to sell some of our assets and focus on those with the high margins.”
