Polish Shipyard Corporation absorbs Baltic shipyards

The Industrial Development Agency (ARP) will control 100% of the shares in the corporation. "Next year, possibly in January, we are planning a significant share issue of the corporation," revealed ARP president, Arkadiusz Krężel. The issued shares will be aimed at the State Treasury in return for a stake in Stocznia Gdynia, and ARP in return for shares in SSN. Today's nominal value of the two stakes is estimated at zł.400 million, however the share issue could carry an even higher value. The shares will most probably be also offered to the current creditors of Stocznia Gdynia. The management of the shipyard has already proposed a debt for equity swap worth up to zł.215 million, ensuring them preferential voting rights at a 2:1 ratio. (Puls Biznesu, pp. 1, 4) A.K.