March 28 (Bloomberg) -- PBG SA climbed to a one-week high after PAP news service reported Poland’s third-largest construction company is selling properties to help pay off debt.
The shares climbed 5.9 percent to 41.26 zloty, the highest since March 21, as of 10:16 a.m. in Warsaw, extending yesterday’s 14 percent gain.
PBG’s Galeria Kujawska real-estate unit has signed a preliminary agreement to sell properties for 122 million zloty ($39.3 million), PAP reported late yesterday, citing PBG spokeswoman Kinga Banaszak-Filipiak.
The builder needs to raise funds as payment delays and growing foreign competition for contracts sent net debt surging to 1.46 billion zloty at the end of 2011 from 585 million zloty the same period a year earlier, according to data compiled by Bloomberg.
To contact the reporter on this story: Piotr Bujnicki in Warsaw firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com