mInvestment Banking

2.2024

Medisport

Deal value confidential

Sale of 100% shares to Affidea sp. z o.o.

2.2024

TIM S.A.

PLN 1.17 bn

Sale of 100% shares to Würth Group

11.2023

Metal-Plast Sp. z o.o.

Deal value confidential

Sale of majority stake to Eco Baltia (INVL)

11.2023

Webcon Sp. z o.o.

PLN 166.3 m

Sale of 65% shares to MCI Capital S.A.

7.2023

STS Holding S.A.

PLN 3.9bn

Fairness Opinion in connection with the tender offer for 100% shares in STS Holding S.A. announced by Entain plc

4.2023

Unimot Investments Sp. z o.o.

PLN 366.4 mln

Purchase of 100% stake in Lotos Terminale S.A.

3.2023

Polska Grupa Biogazowa S.A.

Deal value confidential

Securing a strategic investor - TotalEnergies

2.2023

R.Power Renewables S.A

EUR 150 m

Sale of minority stake to the Three Seas Initiative Investment Fund (3SIIF)

11.2022

Plast-Box S.A.

97.9 m PLN

Acquisition of 65.87% of shares in a listed company SUWARY S.A. for Plast-Box S.A.

10.2022

Codete Globasl Sp. z o.o.

Deal value confidential

Securing a strategic investor (Exadel, supported by private equity investor Sun Capital Partners) for Codete

09.2022

Adriana S.A.

26.5 m GBP

Securing financing and advising in the acquisition
of minority stake in DFS Furniture plc for Adriana S.A. 

12.2021

Virtus Lab sp. z o.o.

Deal value confidential

Securing a financial investor (Aquiline Capital Partners) for Virtus Lab

11.2021

Vectra S.A.

Deal value confidential

Sale of 100% stake in Centrum Telewizji Kablowej JIM-SAT Sp. z o.o.

3.2021

Trans Polonia S.A.

89.2 m PLN

Sale of 100% stake in OTP Sp. z o.o.

12.2020

MotionVFX

Deal value confidential

Securing a financial investor (Nextline) for MotionVFX

3.2020

Zakłady Tworzyw Sztucznych IZO-ERG S.A.

Deal value confidential

Sale of 100% stake in Zakłady Tworzyw Sztucznych IZO-ERG S.A.

2.2020

Biochem Polska Sp. z o.o.

Deal value confidential

Purchase of 96% stake in Novaintermed SRL

1.2020

Vectra S.A.

2.72 bn PLN

Purchase of 100% stake in Multimedia Polska S.A.

1.2020

Profitroom S.A.

30 m PLN

Sale of 33.34% stake in Profitroom S.A.

12.2019

Maced Sp. z o.o.

Deal value confidential

Sale of majority stake in Maced Sp. z o.o. to Resource Partners 

11.2019

Polska Grupa Biogazowa S.A.

Deal value confidential

Joint Venture with Financial Investor

8.2019

Anwis Sp. z o.o.

Deal value confidential

Sale of 100% stake in Anwis Sp. z o.o.

8.2019

Infinite Sp. z o.o.

Deal value confidential

Sale of 100% stake in Infinite Sp. z o.o.

3.2019

mLeasing Sp. z o.o.

31.6 m PLN

Purchase of 100% stake in LeaseLink Sp. z o.o.

2.2019

ABC Data S.A.

159.4 m PLN

Fairness Opinion in relation to the Tender Offer for 100% shares in ABC Data S.A. announced by ALSO Holding AG and MCI Capital

12.2018

Orbis S.A.

1.9 bn PLN

Fairness Opinion in relation to the Tender Offer for 100% shares in Orbis S.A. announced by Accor S.A.

12.2018

Przetwórstwo Tworzyw Sztucznych Plast-Box S.A.

PLN 22.5 m

Purchase of 100% shares of Stark Partner

11.2018

Exact System S.A.

153 m PLN

Sale of 76% shares of Exact System S.A.

7.2018

Vectra S.A.

Deal value confidential

Purchase of 100% stake in SGT S.A.

6.2018

Trans Polonia S. A.

63 M PLN

Refinancing of acquisition debt

4.2018

BGŻ BNP Paribas S.A.

3.3 bn PLN

Fiarness Opinion in relation to the acquisition of core business of Raiffeisen Bank Polsa S.A.

7.2017

mLocum S.A.

87.6 m PLN

Sale of 79.99% shares of mLocum S.A. by mBank S.A.

 

The buyer: Archicom S.A.

12.2016

TXM S.A.

20 m PLN

Initial Public Offering

10.2016

Stelmet S.A.

182.1 m PLN

Initial Public Offering

2.2016

Trans Polonia S.A.

84.5 m PLN

Purchase of 100% shares of Orlen Transport S.A. from PKN Orlen S.A.

12.2015

Pani Teresa Medica S.A.

26.3 m PLN

Sale of 81.39% shares of the main shareholder

7.2015

TK Telekom Sp. z o.o.

221.9 m PLN

Sales of 100% shares of TK Telekom Sp. z o.o.

5.2015

Uniwheels AG

504 m PLN

Initial Public Offering

12.2013

Elemental Holding SA

61.2 m PLN

Initial Public Offering

9.2013

Kolej Gondolowa Jaworzyna Krynicka SA

49.7 m PLN

Sale of 75% shares of Kolej Gondolowa Jaworzyna Krynicka

6.2013

Kabel-Technik-Polska

74.5 m PLN

Merger K-T-P and Inter Groclin Auto SA

6.2013

Tarczyński SA

45 m PLN

Initial Public Offering

4.2013

Koncept 2000 Sp. z o.o.

value of transaction undisclosed

Raising of debt financing

1.2013

MARS FIZ

72.3 m PLN

Purchase from Polimex-Mostostal S.A. of 95.97% shares of "Sefako" Boilers Factory

1.2013

MARS FIZ

43.3 m PLN

Purchase from Polimex-Mostostal of the port real estate in Gdynia

1.2013

MARS FIZ

46.3 m PLN

Purchase from Polimex-Mostostal of 99.99% shares of Energomontaż-Północ Gdynia

12.2012

Grados Sp. z o.o.

value of transaction undisclosed

Sale of 100% shares

10.2012

PKN Orlen S.A.

116 m CZK

Purchase of 100% shares of Paramo Asfalt by Orlen Asfalt Sp. z o.o.

9.2012

CIECH S.A.

value of transaction undisclosed

Sale of 100% shares of Polfa Ciech Sp. z o.o.

4.2012

PHF S.A.

814.7 m PLN

Sale of 85.14% shares of Polfa Warszawa S.A.

4.2012

Solar Company S.A.

156 m PLN

Initial Public Offering

2.2012

Marka S.A.

14.1 mln PLN

Private placement of bonds and introduction on Catalyst market

12.2011

ATC Cargo S.A.

5.1 m PLN

Secondary private offer on NewConnect market

10.2011

Voxel S.A.

19 m PLN

Public offer and introduction to NewConnect

9.2011

Ghelamco Poland Sp. z o.o.

46.8 m PLN

Raising of debt financing

9.2011

Uzdrowisko Świeradów

21 m PLN

Purchase of 87.74% package of stake from the State Treasury

9.2011

Marka S.A.

6.2 m PLN

Private offer and introduction on NewConnect market

5.2011

Kruk S.A.

369 m PLN

Initial Public Offering

4.2011

ZTS Gamrat S.A.

value of the transaction undisclosed

Purchase from the State Treasury of 85% shares of ZTS Gamrat S.A.

12.2010

Scrapena S.A.

10.5 mln PLN

Purchase from the State Treasury of 82 188 stake of shares

12.2010

Uzdrowisko Cieplice

29.315 m PLN

Purchase of 89.71% shares

11.2010

Uzdrowisko Połczyn S.A.

26.426 m PLN

Purchase of 89.91% shares

10.2010

Zespół Uzdrowisk Kłodzkich S.A.

138.23 m PLN

purchase of 90.09% shares

10.2010

ZUE S.A.

90 m PLN

Initial Public Offering

10.2010

Azoty Tarnów

150 m PLN

Acquisition of 30 million shares of ZAK S.A.

7.2010

Interferie Medical SPA

75 m PLN

Raising financing for construction of SPA hotel in Świnoujście

6.2010

Morpol ASA

680 m PLN (1.34 bn NOK)

Initial Public Offering on The Oslo Stock Exchange

03.2010

Nowy Plac Unii

80 m PLN

Joint Venture

12.2009

Nałęczów Zdrój Sp. z o.o.

18 m PLN

Financial support within measure 4.4 of EU co-financed OP IE

10.2009

Compania de Factoring IFN S.A.

value of transaction undisclosed

Sale process of 50% shares

10.2009

Grupa ZUE S.A.

value of the transaction undisclosed

purchase of 85% shares of the company PRK Kraków S.A.

6.2009

Lubelski Węgiel "Bogdanka" SA

528 mln PLN

Initial Public Offering

4.2009

Solveco Sp. z o.o.

8.4 m PLN

Financial support within measure 4.4 of EU co-financed OP IE

3.2009

Wealth Bay S.A.

0.5 m PLN

NewConnect

4.2008

UNIBEP SA

71.1 mln PLN

Initial Public Offering

2.2008

OPTOPOL Technology S.A.

66 mln PLN

Initial Public Offering

1.2008

Ladish Co, Inc.

12.5 mln PLN

Obtaining income tax exemption related to investment carried out in Tarnobrzeg Special Economic Z

12.2007

Solveco Sp.zo.o.

3.6 mln PLN

Financial support within measure 2.2.1 of EU co-financed SOP ICE

12.2007

NEPENTES S.A.

75.6 mln PLN

Initial Public Offering

12.2007

SECO/WARWICK S.A.

99.3 mln PLN

Initial Public Offering

9.2007

Eurofilms S.A ERGIS S.A.

218 mln PLN

Merger of Eurofilms S.A. and ERGIS S.A.

8.2007

ATM S.A.

156.5 mln PLN

Secondary Public Offering

7.2007

FUGO S.A.

Purchase of 45% shares of Fabryka Maszyn i Urządzeń FAMAK SA

6.2007

Nałęczów Zdrój Sp.z o.o.

6.3 mln PLN

Financial support within measure 2.2.1 of EU co-financed SOP ICE

6.2007

Lanet Sp. z o.o.

10 mln PLN

Buyer: Netia S.A.

6.2007

Kom-Net Systemy Komp.

9.4 mln PLN

Buyer: Netia S.A.

6.2007

Magma Systemy Komputerowe Schmidt i S-ka Sp. z o.o.

7.9 mln PLN

Buyer: Netia S.A.

6.2007

KOMPUTRONIK S.A.

62 mln PLN

Initial Public Offering

5.2007

PPH Transsystem S.A.

value of transaction undisclosed

Finance Investor: Nova Polonia Natexis II Private Equity Fund managed by Krokus Private Equity Lt

5.2007

FIN S.A.

112 mln PLN

Sale of 51% shares of FIN S.A. to Brammer plc with option of sale of 49% shares in the future

5.2007

ERBUD S.A.

170 mln PLN

Initial Public Offering

5.2007

UTEX, UTEX Sigma

7.2 mln PLN

Sale of UTEX Sigma assets

4.2007

POLIMEX MOSTOSTAL S.A.

390 mln PLN

Merger of Polimex Mostostal S.A. and ZREW S.A. Acquisition of Energomontaż - Północ S.A.

4.2007

Dolnośl. Surowce Skalne

21 mln PLN

Obtaining debt financing

4.2007

Fortis Bank Polska S.A.

200 mln PLN

Private Offering

3.2007

ES-SYSTEM S.A.

67 mln PLN

Initial Public Offering

2.2007

MNI S.A.

67.7 mln PLN

Initial Public Offering

2.2007

TORFARM S.A.

74.6 mln PLN

Direct public offering

1.2007

CMC Zawiercie S.A.

175.9 mln PLN

Purchase of 26.38% shares in CMC Zawiercie for redemption
Seller: Ministry of the State Treasu

1.2007

StalexportS.A.

103.9 mln PLN

Introduction to trading at Warsaw Stock Exchange

12.2006

Z.Ch. "Organika-Sarzyna"

244.5 mln PLN

130 mln PLN value of investment commitments
Purchase of 80% shares
Seller: Nafta Polska S.

8.2006

Energomontaż-Północ S.A.

79 mln PLN

Initial Public Offering

6.2006

Zakłady Płyt Pilśniowych S.A.

7,8 mln PLN

Sale. Buyer: Zamojskie Fabryki Mebli SA.

12.2005

NOVITUS S.A.

48 mln PLN

Initial Public Offering

11.2005

HSW-Zakład Kuźnia Matrycowa

38.4 M PLN

Purchase of 90,07% shares
Seller: HSW SA i HSW - Fundusz Kapitałowy Sp. z o.o.

11.2005

Benefia Tow. Ubezpieczeń

22.5 M EUR

Buyer: WIENER STÄDTISCHE Allgemeine Versicherung Aktiengesellschaft

9.2005

Dolina Nidy S.A.

17 mln PLN

Purchase of 3,81 % shares

8.2005

Hotel Król Kazimierz

Arranging of financing for construction of a Four Star Hotel in Kazimierz Dolny

6.2005

Grupa LOTOS S.A.

1015 mln PLN

Initial Public Offering
Privatisation Advisor

6.2005

Ambra S.A.

60 mln PLN

Initial Public Offering

12.2004

Unimil S.A.

68 mln PLN

Public Offering Advisory in the Acquisition of Condomi AG

11.2004

KOELNER S.A.

90 mln PLN

Initial Public Offering

9.2004

Torfarm S.A.

32.2 mln PLN

Initial Public Offering

9.2004

Investa S.A.

Sale of 65.8% shares of Investa SA
Buyer: Aalco Metall Ltd.

7.2004

Hutmen S.A.

62.5 mln PLN

Pre-emptive rights offer

7.2004

Mieszko S.A.

Stock Option Plan

6.2004

BRE Bank SA

550 mln PLN

Pre-emptive rights offer

4.2004

Mieszko S.A.

35 mln PLN

Pre-emptive rights offer

4.2004

Zakłady Koks. "Wałbrzych"

400 mln PLN

Specification of boundary conditions for early settlement of obligations. Negotiations with investor

3.2004

Polskie Huty Stali S.A.

4 000 mln PLN

Buyer: LNM Holdings N.V.

2.2004

FERROSTAL ŁABĘDY

18.1 mln PLN

Sale of 90.61 % shares in Ferrostal Łabędy Sp. z o.o.
Buyer: Złomrex Sp. z o.o.

12.2003

COMPUTERLAND S.A.

Preparation of issue prospectus. Management stock options plan.

12.2003

POLMOR Sp. z o.o.

1.05 mln EUR

Transaction advisory and arranging finance in the Management Buy-Out of 66.7% of shares

12.2003

Jastrzębska Spółka Węglowa S.A.

400 mln PLN

Direct privatization of ZK "Przyjaźń" and conversion of debt

12.2003

Koksownia Przyjaźń

760 mln PLN

Advisory in restructuring process, conversion of debt into equity

12.2003

HUTA ZAWIERCIE S.A.

200 mln PLN

Sale of 71,1 % shares in Huta Zawiercie S.A.
Buyer: Commercial Metals (Internationa) AG

12.2003

BRE Bank SA

Preparation of issue prospectus.
Management stock options plan.

11.2003

Kraty Mostostal Kraków

3 mln PLN

Sale of 75.6 % of shares
Buyer: Rietbergwerke GmbH & Co.KG

7.2003

CERI

6.2003

OPTIMUS IC S.A.

33.5 mln PLN

Acquisition by BRE Bank SA

5.2003

Bałtycki Terminal Kont.

Buyer: International Container Terminal Services Inc.

12.2002

STOEN S.A.

1500 + 422 mln PLN

Purchase of 85% of shares Stoen S.A. Buyer: RWE PLUS AG

10.2002

LANNEN POLSKA Sp. z o.o.

Buyer: Chłodnia Olsztyn Sp. z o.o.

8.2002

PTE BIG Bank Gdański S.A.

382.5 mln PLN

Acquisition of PTE BIG Bank Gdański by PTE Skarbiec Emerytura S.A.

6.2002

Polskie Huty Stali S.A.

Advisor to: Huta im. Sendzimira S.A., Huta Katowice S.A., Huta Cedler S.A., Huta Florian S.A

1.2002

Eurosystem Sp. z o.o.

Merger with: GEO-INFO SYSTEM Sp. z o.o. GEMI Sp. z o.o. GEO-LEX SYSTEM Sp. z o.o.

8.2001

ZL "Uzdrowisko Nałęczów" S.A.

38.8 mln PLN+30 mln PLN

Sale of 85% of shares Buyer: East Springs International N.V.

8.2001

PZL OKĘCIE

286 mln +141 mln PLN

Purchase of 51% of shares Buyer: EADS Construcciones Aeronauticas S.A.

6.2001

JASAN Sp. z o.o.

Arranging of financing for the purchase of shares. Buyer: Grupa Inwestycyjna Investment Partners S

6.2001

VERBUS S.A.

2,5 mln PLN

Arranged finance.

5.2001

HSG BLOWEX-TARNÓW S.A.

26 mln PLN

Purchase of 80% of shares Buyer: Krośnieńskia Huta Szkła "KROSNO" SA

4.2001

BRE Services Assistance

16.3 mln PLN

Sale of 100% of shares. Buyer: Falck Polska

3.2001

WSK GORZYCE

17.8 mln + 31.3 mln PLN

Sale of 85% of shares. Buyer: Federal-Mogul Holding Deutschland GmbH

2.2001

PSM C. Hartwig Gdynia

22.275 mln PLN

Sale of 75% of shares. Buyer: Euroafrica Linie Żeglugowe Sp. z o.o. and Morska Agencja Gdynia Sp

12.2000

KARBON 2 S.A.

5 mln PLN

Arranged finance.

11.2000

ITI HOLDINGS S.A.

470 mln PLN

Purchase of shares in OPTIMUS SA.

9.2000

BRE Bank S.A.

170 500 shares

Issue prospectus. Management stock options.

7.2000

METALEXPORT

27.6 mln PLN

Sale of 51.1% of shares. Buyer: Mex - Invest Sp. z o.o.

7.2000

BILLBIRD.PL

2 mln USD

Private Placement new issue shares. Buyer: Innova Capital.

7.2000

MEBLE AGATA S.A.

7.5 mln PLN

Sale. Buyer: ANIMUS.

6.2000

Intermarket Factoring Bank AG

Purchase of 51% shares. Buyer: BRE Bank SA.

6.2000

PKN ORLEN S.A.

2 150 mln PLN

Second public offering of shares.

6.2000

OPOCZNO S.A.

100 mln +99 mln PLN

Sale of 30% of shares and increase of capital. Buyer: CREDIT SUISSE FIRST BOSTON

6.2000

VERBUS S.A.

3.5 mln PLN

Arranged financing

5.2000

Elektrociepłownia Będzin

33.9 mln + 96.9 mln PLN

Purchase of 52.5% of shares. Buyer: MEAG.

5.2000

Strzyżowska Fabryka Mebli S.A.

1,5 mln DEM

Sale. Buyer: STECHERT STAHLROHRMOBEL

5.2000

Andrychowska Fabryka Maszyn

3,1 mln PLN

Sale. Buyer: R&G Inwestycje Sp. z o.o.

3.2000

INTERMODA S.A.

Arranged finance.

3.2000

Pilkington Sandoglass

58,8 mln PLN

Purchase of 18.6% of shares. Buyer: Pilkington International Holding.

3.2000

Polskie Linie Oceaniczne

20 mln PLN

Purchase the of new issue series B & C shares as a result of a capital increase by a the consorti

2.2000

IZOLACJA JAROCIN

0,5 mln PLN

Sale of shares. Buyer: TES Sp. z o.o..

12.1999

STAR SA

58.5 mln PLN

Sale of selected assets (truck business) Nutzfahrzeuge AG.. Buyer: Star Trucks Sp. z o.o.

12.1999

ZPG DOLINA NIDY

60 mln USD

Sale of 80% of shares. Buyer: LAFARGE and ATLAS.

11.1999

Polski Koncern Naftowy

2 412 mln PLN

Initial public offering.

11.1999

PLL LOT

183 mln USD

Sale of 10% of shares & the take-up of new issue shares giving 37.6% of shares capital. Buyer: SA

11.1999

BANK ENERGETYKI S.A.

61 mln PLN

Merger with BISE BANK SA

10.1999

TUiR "WARTA" S.A.

181 mln PLN

Purchase of 19.81% of shares. Buyer: Kulczyk Holding SA

10.1999

Krakowska Fabryka Armatur S.A.

33,7 mln PLN

Sale of 80% of shares. Buyer: PZU ŻYCIE SA.

9.1999

Toyota Motor Corporation

50 mln PLN

Greenfield investment in Wałbrzych

9.1999

CPN SA, Petrochemia Płock

Merger in to Polski Koncern Naftowy SA

7.1999

CASINOS POLAND

Sale of 33,3 % of shares. Buyer: G5 Sp. z o.o.

6.1999

BIG BANK GDAŃSKI

251 mln PLN

Purchase of 10% of shares by BRE Bank SA

6.1999

ELDORADO SA

15 mln PLN

Increase of capital.

6.1999

ITI HOLDINGS

15 mln USD

Purchase of 7.5 % of shares and increase of capital by BRE Bank SA

12.1998

STOCZNIA GDAŃSKA

115 mln PLN + 21 mln USD

Sale of the company. Buyer: consortium of Stocznia Gdynia and EVIP Progress

12.1998

Byk Gulden Lomberg Chem.

5,5 mln PLN + 15 mln DEM

Joint venture company with ŁZF Polfa w Łyszkowicach

12.1998

SSE "Invest-Park" W-ch

20 mln PLN

Increase of capital.

12.1998

CASINOS POLAND

Sale of 33,3 % of shares. Buyer: Państwowe Porty Lotnicze

12.1998

AMER BANK

150 mln PLN

Purchase of 56% of shares. Buyer: DG Bank

11.1998

PRD i M Kędzierzyn Koźle

4,27 mln PLN

Raising a credit from PHARE

11.1998

BANK SECESYJNY

Purchase of 40% of shares. Buyer: BWR SA

11.1998

CEFARM ŚLĄSKI

2 mln + 5 mln USD

Increase of capital by ORFE.

10.1998

POLTRUST S.A.

10,3 mln PLN

Increase of capital.

6.1998

BRE Bank S.A.

326 mln PLN

Issue prospectus.

5.1998

Polski Bank Rozwoju SA

400 mln PLN

Acquisition by BRE Bank SA.

2.1998

ZM "Morliny" Ostróda

60 mln PLN

Issue prospectus.

12.1997

HOOP SA

Private Placement

12.1997

Internet Technologies

Private Placement. Sales of 32% of shares.

12.1997

INSTAL LUBLIN SA

8,4 mln PLN

Issue prospectus.

10.1997

BUDOPOL WROCŁAW

4,5 mln PLN

Issue prospectus.

9.1997

SHELLGAS

Greenfield investment for gas distribution.

9.1997

Boss Informacje Ekonom.

1,75 mln PLN

Purchase of shares from Enterprise Investors.

9.1997

TU COMPENSA SA

20 mln USD

Issue prospectus.

9.1997

KRAKCHEMIA S.A.

20 mln PLN

Issue prospectus.

7.1997

POLTRUST

14 mln PLN

Increase of capital, and an investment in a publishing company.

6.1997

Delphi Automotive Systems

30 mln USD

Greenfield investment in Tychy.

1.1997

Isuzu Motors Limited

380 mln DEM

Greenfield investment in Tychy.

6.1996

General Motors, Opel AG

450 mln DEM

Greenfield investment in Gliwice

1.1996

Bizon Sp. z o.o. Płock

8,3 mln + 7 mln PLN

Sale of shares. Buyer: SIPMA (15%) and Bank Handlowy in Warsaw (85%)

11.1995

FSO, Daewoo Corp

180 mln + 1,121 mld USD

Joint venture company.

11.1995

Cementownia Małogoszcz

19,2 mln USD

Purchase of 23.14% of shares. Buyer: LAFARGE.

7.1995

KCW Kujawy SA

46 mln + 104 mln USD

Purchase of 75% of shares. Bu er: LAFARGE.

6.1995

BDK, Daewoo

5 mln USD

Joint venture company. BDK - DAEWOO LEASING

6.1995

FSL, DAEWOO

36 mln + 350 mln USD

Joint venture company.

3.1995

JZS JELCZ

10 mln + 54,5 mln USD

Sale of 51% of shares. Buyer: Sobiesław Zasada Centrum SA.

9.1994

HSz Sandomierz Pilkington

66 mln + 150 mln USD

Joint venture company.

5.1993

FSR Polmo, Volkswagen AG

40 mln DEM

Joint venture company.

5.1993

Silesia Rybnik, Van Leer

2,1 mln USD

Joint venture company.

2.1993

KRGP "Korgaz II"

Acquisition by BUTGAZ POLSKA

1.1993

Silesia, Rettig Heating

4,3 mln USD

Joint venture company

11.1992

Bydgoskie Fabryki Mebli SA

20 mln USD

Sale of shares. Buyer: Schieder Möbel Gruppe

12.1991

Huta Warszawa, Lucchini

55 mln + 107 mln USD

Joint venture company.

1988

Cementownia Warszawa

15,8 mln + 20 mln DEM

DYCKERHOFF Zement International, Joint venture company. (Privatisation through liquidation).