18th February 2004
Thursday, December 3rd, 2009
State Treasury will have majority stake in Gdynia shipyard
The shareholders of Gdynia Shipyard have unanimously approved the plan to raise the company's capital.
The State Treasury will buy shares worth zł.120 million, including a zł.40 million stake taken over by the Industrial Development Agency (ARP) as part of debt conversion. The ministry has conditioned its acceptance upon receiving preferential voting rights. As a result, the State Treasury will hold 52% of shares but as much as 65% of votes. The remaining shareholders, Kredyt Bank, which will eventually possess 12,5% and PZU and PZU Życie with their 6%, are reluctant to take part in raising capital, but hope it will lead to the troubled company's recovery. (Puls Biznesu, pp. 1, 6) M.K.
From Warsaw Business Journal
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