Heads expected to roll at Gdynia following consolidation

The bank has sold over 19% of the company's stock for zł.100,000 to Korporacja Polskie Stocznie (KPS), controlled by Industrial Development Agency (ARP). The entrance of SG into the KPS structure is only the start of the consolidation process. "The shareholders' meeting is due to take place in the second half of November. Issues discussed will include personnel changes and a potential capital injection. No details have been revealed so far," said SG supervisory board member Dariusz Adamski. The personnel changes will most likely be related to the company's management which has been criticized not only by politicians but also other state owned institutions. The capital injection will be carried out through a swap of credits to shares. (Puls Biznesu, p. 7) A.K.