Vistula, the clothing company saw its shares rise 9% after it was announced that Fortis Bank will take over a new closed share issue. "The share issue was approved. No objections were submitted," said Michał Wójcik, president of Vistula.

The firm will sell the shares to Fortis for zł.40 million and in this way repay some of its zł.250 million debt toward the institution. Repayment of the remaining amount is likely to be spread over an eight years period, but the final settlement with the bank has not been reached yet.

"It is certain that...the agreement will be worked out. Technical issues only need to be arranged," said Michał Wójcik. Part of the agreement with Fortis will be related to securing some of Vistula's assets as collateral.

Sources: Puls Biznesu; Parkiet