CEE's largest IT firm Asseco Poland mulls debut on Nasdaq.

By bne IntelliNews December 8, 2010
CEE's largest IT firm Asseco Poland is considering debuting on the US-based Nasdaq, the firm's CEO Adam Goral has said. Asseco, listed on the Warsaw bourse, is already the main shareholder Formula Systems, an IT company listed on Nasdaq and on the Tel Aviv Stock Exchange (TASE). Goral also said that Formula Systems will be renamed as Asseco Systems (with the "old" Asseco Systems being merged with Asseco Poland prior to this). In this way, the Asseco group will in a sense already be present on Nasdaq. However, Asseco Poland's dual listing on this market will be a project independent of the Formula rebranding, though Goral admitted that it would be possible thanks to the group's welcoming people with the knowledge of the US market alongside Formula Systems. The president also said that Asseco Poland would not issue shares in relation to its Nasdaq project, which could be realized by the middle of 2011. The value of Asseco Poland's consolidated 2011 backlog is worth of PLN 1429mn vs. PLN 1500mn a year before , Goral also said. The backlog does not include orders of the Israeli group Formula Systems. Goral said that the value of the unit portfolio orders for the next year reached PLN 701mn. In Q1-Q3/2010, Asseco Poland posted consolidated revenue of PLN 2.191bn (EUR 551mn) and a net profit of PLN 315.18mn (EUR 79.4mn). ISB

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