Brzeg Tannery holds off on share issue
In an unexpected move, the management of Brzeg Tannery in Poland has decided not to go ahead with the planned issue of up to two million shares.
In January, the general shareholders meeting of the tannery decided to issue between 500,000 to two million shares with the intention of raising 675,000 to 2.7 million Zloty ($170.000 to $675.000).
The majority of Brzeg’s shares belong to another Polish tannery Skotan and the co-owner of both tanneries is the renowned Karkosik family, who is major players on Warsaw Stock Exchange. It is believed the decision to cancel the sale was prompted by very poor trading on Warsaw Stock Exchange, as well as Skotan’s plan to withdraw the Brzeg Tannery from WSE. Commenting on the decision, Brzeg’s managing director, 24 year-old Miss Karina Msciubiak, said: "This is our internal decision and we decided that there is no reason to issue the shares now."
