PL

Cordia to examine Polnord

Residential
POLAND Cordia is to complete its due diligence now it has completed the takeover of Polnord.

POLAND Cordia is to complete its due diligence now it has completed the takeover of Polnord. were not able to complete full due diligence, which normally takes place before such an acquisition, because Polnord is listed on the WSE. We still do not have all the necessary data at our disposal and so it is too early for us to make strategic decisions,” Tomasz Łapiński, the financial director of Cordia told ‘Eurobuild’ magazine.

“We have not ruled out further acquisitions but at present we are concentrating on our acquisition of Polnord including the due diligence and drawing up a strategy. We are also ready to support the company financially and help put it back on a sound financial footing if need be. The more finances we have to devote to Polnord, the less we cash we will have for further acquisitions, however we believe that after booking the proceeds from the latest bond issue, the company will have a low level of debt. Cordia's plan to expand to other Polish cities remains unchanged and we are going to continue with our rapid expansion,” says Tomasz Łapiński.

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