The Polish brewer, Strzelec, has confirmed that it will go ahead with a new share issue to raise funds for the acquisition of rival brewer, Brok. The company announced in early-September that it planned to finance the deal through a share issue. Strzelec expects to raise between PLN20m and PLN45.75m through the offer.

Strzelec said it will offer 10m to 15m shares to interested parties between November 14 and November 15 at a price to be set on November 7.

The issue is expected to boost Strzelec's capital by 50% to 75%, representing a share value of between PLN2.0 and PLN3.05. As part of the acquisition deal, Strzelec will take on PLN95m in Brok debt. In 2001, Brok made a loss of PLN110m while in the first nine months of 2002, Strzelec posted a net profit of PLN48,000 on sales of PLN56.6m.