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TMM postpones SPO, plans to work as general contractor

TMM postpones SPO, plans to work as general contractor

20 October 2011

TMM Real Estate (FSE: TR61 GR, N/R) postponed plans for an SPO until market conditions improve, Interfax said yesterday, citing comments made by CEO Mykola Tolmachov. The company previously planned to conduct an SPO in Warsaw or London in late 2011 or early 2012, targeting proceeds of about USD 100 mln for a 15-30% stake. In other news, Tolmachov said TMM planned to begin work as a general contractor in 2012 by taking the lead on social projects (like kindergartens and schools) and engaging in the completion of unfinished objects.

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