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Organic issue

 

26th May 2008

Poland's largest organic food producer will fund its expansion with a NewConnect share issue

 

Symbio, Poland's largest producer and processor of organic food in Poland, is planning to carry out a share issue on the NewConnect alternative market, in the hope of raising zł.3 million to develop its activities in Poland and beyond.

Symbio Impex Polska (the full name of the company's Polish division) was set up by Swiss-American Tokya Dammond and Pole Artur Tymiński in 1998. It supplies organic produce to food processing companies in Poland and beyond. Dammond, the company's chairman, is very upbeat about the future for organic food in Poland, which has started to seep into the national consciousness.

"Sales of organic food have grown 300 percent in Poland in the last year. The farmers are willing and ready to go organic. The supply of organic food in Poland has been consistent in comparison with some other regional countries, and buyers in Western Europe rely on organic produce from Poland," said Dammond.

Dammond added that he was convinced of Poland's importance in the future of organic food, and vice-versa.

"In Poland, there is still the tradition of small family farms, and farmers can still remember how to farm without these expensive fertilizers," he said.

With the money earned in the share issue, Symbio plans to develop its activities in Poland, and also to launch Symbio Moldova, as well as to establish its presence in Ukraine and Russia in the following years. Dammond explained that there was not enough capacity to produce the amount of organic food to meet the present demand in Poland, although there was a will to rectify this.

 

From Warsaw Business Journal by Brendan Melck,