03 July 2012 16:01 [Source: ICIS news]
LONDON (ICIS)--PCC Exol has commenced an initial public offering (IPO) that it hopes will raise up to zlotych 45.2m ($13.7m, €10.8m) to finance expansion plans, ?xml:namespace>
Shares amounting to an 18.8% stake in PCC Exol, representing 11.3% of the general meeting voting rights, are on offer at a maximum sales price of Zl 1.29 each, it added.
Retail investors have until 4 July to place orders for shares, while institutional investors may order shares on 5 and 6 July, the company said.
PCC Exol currently produces around 80,000 tonnes/year of anionic surfactants and 30,000 tonnes/year of non-ionic surfactants, with its ouput used as intermediary products in the manufacture of household detergents, personal care products and textiles, paints, adhesives and varnishes.
A substantial amount of the proceeds raised by the IPO would be invested in boosting overall surfactants capacity by around 15%, with a specific sum of Zl 5m to be invested in upgrading a production line to manufacture amphoteric surfactants for use in high-grade personal hygiene products, it said.
The company's strategy is to establish surfactants market leadership in central and eastern Europe while targeting sales expansion in the Middle East, Africa and
PCC Exol is wholly owned by
($1 = €0.79)
(€1 = Zl 4.22)
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