Poland's Gamet plans listing

WARSAW (Thomson Financial) - Gamet Holdings, which is registered in Luxembourg and which owns Gamet, a Polish producer of furniture accessories, said it has submitted its issue prospectus to the Luxembourg financial authorities.

It said its IPO in Poland is expected to run around the end of the year.

Gamet said it has 14 pct of the furniture accessories market in Poland. It produces, among others, handles, holds and drawers.

Exports to Russia, Germany, Scandinavia and Romania generate 40 pct of its sales, it said.

Gamet CEO Krzysztof Pioro said, 'We have invested over 35 mln zlotys (9.4 mln eur) in the recent years and focused on developing our offer and distribution in Poland and Europe'.

In 2006, the company had 127.7 mln zlotys in sales and 7.6 mln of net income. First half sales were 72.7 mln and net income was 7.3 mln.

Enterprise Investors fund is the only shareholder of Gamet.

'We want to sell a 50 pct stake on the Warsaw Stock Exchange. The company does not need money for investment now so it won't issue new shares. We will keep a stake in Gamet for about three years more', Jacek Wozniak, Gamet chairman representing Enterprise Investors said.

He declined to comment on the size of the IPO. However, he said Gamet may issue new shares to raise funds for acquisitions in the future. 'We are Europe's biggest producer in this sector and we plan consolidation. When we have certain projects, we will consider an issue', Krzysztof Pioro added. [e-mail] slj/jlc COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.