In a deal worth PLN 30m, TFI Altus has increased its holding in the Warsaw Stock Exchange developer Polnord by 9.5 percent. The seller, Prokom Investments, cut its stake to 11.63 percent and plans to use the money from the sale to pay off its bank debt.
The deal pulled the price of Polnord shares down at the beginning of the week. “I can see why the transaction has negatively impacted the price of Poland’s shares, but it should be noted that it’s the investment funds who are now the majority shareholders in the developer, so the deal had no impact on our operations,” said Piotr Wesołowski, CEO of Polnord. Wesołowski told the business server parkiet.com in June that Polnord’s managers were considering repurchasing the company’s shares.
