EBRD acquires 5.75 pc stake in Poland fertilisers chemicals firm

EBRD acquires 5.75 pc stake in Poland fertilisers and chemicals firm

9:24 AM, 19th April 2013
EBRD acquires 5.75 pc stake in Poland fertilisers and chemicals firm

 

LONDON, UK: The EBRD has acquired a 5.75 per cent-stake in Grupa Azoty, Poland’s biggest producer of fertilisers and chemicals, for PLN 296.4 million (equivalent of €72.1 million). The investment follows the Polish government’s decision to continue the privatisation of the company and reduce its own stake. The transaction builds on the Bank’s track record in Manufacturing and Services sectors in Poland, especially in the chemicals.

The EBRD investment was made alongside other institutional investors by way of a block trade, following an accelerated book-building process carried out by the state treasury on the Warsaw Stock Exchange. As a result of the process the state’s ownership and number of voting rights in the company will fall to 33 per cent.

“Our involvement aims at actively promoting and supporting the privatisation process of the company. Poland has taken decisive action to consolidate the chemical sector and the next step now must be to make the players fit to compete on the global market. Successful implementation of the integration and restructuring process, the transfer of know-how and increased private ownership will prove invaluable for this process. EBRD will use its stake to pay special attention to the restructuring of the company and the introduction of best corporate governance standards,” said Lucyna Stanczak, Director for Poland, EBRD.

© WOC News

 

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