EBRD sells 2.9% stake in Azoty

The European Bank for Reconstruction and Development (EBRD) sold 2.85 million shares of chemicals Grupa Azoty, representing 2.9 percent stake in accelerated bookbuilding, the EBRD said in a press statement. After the sale, the lender will have 2.9 percent shares in Grupa Azoty. “The bank, as an active minority shareholder, has supported the transformation of Grupa Azoty into a more integrated, market-oriented and efficient chemical manufacturer. The bank continues to support the company with tailor-made debt financing and looks forward to further cooperation. We believe that the EBRD’s sale should benefit the local capital market by increasing the free float of Grupa Azoty’s shares and is further testimony to Poland’s attractiveness to institutional investors,” EBRD Regional Director for Poland and the Baltics, Grzegorz Zieliński said The shares were sold at a discount to Tuesday’s closing price which stood at PLN 69.52 and “attracted strong interest from a mix of institutional investors both in Poland and internationally.”