Briefs

Eiffage bids to buy out Mitex shares

The French construction firm Eiffage has announced its intention to buy out 227,365 shares in the Polish builder Mitex, in which it already owns a 98.89 stake.
The Polish brokerage house CDM Pekao will mediate the transaction, which will take place between August 14th and September 15th. Eiffage will withdraw Mitex shares from the stock exchange once the buy out has been concluded.

Pricoa goes shopping in Prague and Budapest

A British fund managed by Pricoa Investment Management Ltd. has purchased four retail warehouses from Skanska, two of which are in Prague and the remaining two in Budapest. The bill came to EUR 51.6 mln and Skanska was represented by Cushman & Wakefield H&B in negotiations.
The total 36,000 sqm has been leased out and Electro World, a wholly owned subsidiary of leading UK electrical retailer Dixons Group plc, accounts for around 70 per cent of the rental income. Skanska was represented by Cushman & Wakefield H&B in negotiations.

Merger agreed

The Mostostal Siedlce management board has authorised the company's merger with Polimex Cekop. The terms of the merger are to be defined at general meetings at both companies.
The newly merged company will specialize in general contracting in the petrochemical, chemical and power sectors, as well as produce steel materials.

Slight improvement for FORAS Polska

FORAS Polska's operational profits for the previous three quarters to June 30th this year, came to approximately EUR 2.14 mln (DKK 15.9 mln), which slightly exceeded the EUR 2.03 mln (DKK 15.1 mln) generated in the analogous period last year.
FORAS Polska, which belongs to the Dutch FORAS holding, owns three retail centres: Targówek and Reduta in Warsaw and Plejada in Bytom.

Hoctief's results for first half of the year

The construction group Hochtief has reported its financial results for the first half of 2003. Consolidated earnings were EUR 5.36 mln, compared to EUR 5.96 in the first six months of last year, a net loss of EUR 7,359 was made against a profit of EUR 80,759 in 2002's first half and the number of employees stood at 34,760 on June 30th, a modest increase on the 33,398 people employed by the firm at the end of the corresponding period of last year.

Rodamco's profits

A net profit of EUR 155 mln was made in the first half of this year by Dutch investor Rodamco Europe, which is EUR 14 mln (9.9 per cent) more than the same time last year.
Rodamco Europe is the co-owner and manager of Warsaw's Galeria Mokotów, and it has signed an agreement to purchase shares in the multifunctional scheme, Złote Tarasy.

Good news for Budimex

In the first six months of this year, Budimex achieved a net profit of PLN 3.23 mln, a marked improvement on the equivalent period last year, when it recorded a net loss of PLN 1.53 mln.
Consolidated net results for the first half of 2003 totalled a PLN 4.89 mln loss and in 2002 PLN 48.66 mln. In their commentary, brokers of the firm BPH PBK stress that in spite of the difficult situation in the construction sector, Budimex may be said to have produced good results for the 2nd quarter of 2003.
The company's financial situation has also been boosted by the sale of its headquarters on ul. Marszałkowska in Warsaw, for PLN 97.4 mln to the city's Regional Court, who acted on behalf of the State Treasury. The sum, payable in four instalments, is due on December 1st 2003, July 30th 2004, 2005 and 2006. The Regional Court took possession of the building at the beginning of this month but its tenants, Budimex and Budimex Dromex, will occupy it until the end of November this year