Following news that Globe Trade Center expects to raise nearly PLN 6m on the stock market, the developer’s share shot up 1.4 percent on the Warsaw Stock Exchange, trading at PLN 5.84 per share.
GTC plans to issue 108 million new shares on the Warsaw Stock Exchange on Thursday at PLN 5.47 per share. “The issuance itself didn’t come as a surprise to the market, unlike the share price,” says Piotr Zybała of the DM mBank brokerage house. “The issue price is currently just slightly above a market value, which is sign that GTC’s board is quite confident about demand from the investors.”
Zybała adds that GTC will likely focus on its two large-scale retail development projects in Warsaw’s Białołęła and Wilanów districts, while potential acquisitions will have no significant impact on the company’s performance. GTC posted a net profit of PLN 25.1m for the first six months of the year, following a PLN 299m loss in H1 2014.
