text: Mostostal Z shareholders approve bonds . WARSAW 1996-08-26 Shareholders of the Polish construction firm Mostostal Zabrze Holding SA approved a 25- million-zloty , five-year convertible issue with a par value of 100 zlotys each , the company 's spokesman said on Monday . Piotr Grabowski told Reuters that a Mostostal extraordinary shareholders meeting on Saturday had decided that the price of the 250,000 bonds would be set as a 10-session average price of Mostostal shares plus a premium . " The premium will be no lower than 15 percent and will be set by management before the issue ... which we expect at the beginning of next year , " Grabowksi said . Mostostal , based in southern Poland , wants to offer the bonds to large investors in a public offering , paying an annual coupon of no more than 80 percent of the yield of the benchmark 52-week T-bill . The firm has signed an agreement with the Polish Development Bank ( PBR ) to manage the issue and plans them to be listed on the Warsaw bourse 's bond market . Grabowski also said shareholders approved the issue of 1.6 million shares for which the bonds could be exchanged , a ratio of 6.4 shares per bond . He also said shareholders approved the issue of 2.6 million new shares , two million of which are earmarked for large investors and 600,000 for retail domestic investors . The price will be determined through book-building . Mostostal plans to use the proceeds from the issues to add companies to its holding and modernise its plant . -- Warsaw Newsroom +48 22 653 9700