Consortium to buy stakes in PZB to capitalize ferry line

Daily Prawo i Gospodarka has learned a consortium of Gdansk Shipyard (GSR), Pomorski Bank Kredytowy (PBK) and Hestia insurance company will sign an agreement to buy stakes in Polska Zegluga Baltycka (PZB). The companies have already been granted approval by the Treasury Ministry the only owner of PZB. If the deal is clinched, the consortium will control PZB registered shares raising its capital by zl. 30 million. The firms are planning further purchases of zl. 30 million before December and at least zl. 45 million in 2001. After the deal the consortium would hold 51% in PZB. The company, still in a very bad financial condition, has closed the previous fiscal year with zl. 30 million in losses. The money coming from the deal would be used to pay overdue salaries and to buy two new ferries. (Prawo i Gospodarka, Apr.15-16, page 3) J.K.