State Treasury stalls Ruch's development ambitions

2007-09-04 00:00

publikacja
2007-09-04 00:00

Ruch announced that it suspended the Warsaw project due to opposition from the government, Ruch's main shareholder. The estimated gross profit on this project alone was to amount to zł.10 million, so the management of Ruch plans to further discuss this issue with the government. The firm did not reveal the developments on another of its projects - the takeover of a cafe chain - but said that if the ongoing negotiations are in vain it will create its own chain of press cafes. "The first cafe will be opened in Warsaw by the beginning of October. We might open 10 such outlets by the end of the year," said Ruch president Adam Pawłowicz. Kolporter does not fear Ruch's plans. "We have not felt an increased pressure from Ruch since the moment it acquired funds from the bourse. Things that Ruch is planning to do we have already concluded, such as establishing a developer company, logistics center and implementation of an IT system," said Kolporter spokesperson Maciej Topolski. The firm might consider floating its shares in the future.

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State Treasury stalls Ruch's development ambitions

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