Shareholders to meet over shipyards planned capital increase

The decision to increase the capital of the Gdynia Shipyard will be taken at the general shareholder's meeting between December 15-20 this year, said the shipyards' spokesperson Mirosław Piotrkowski. The increase of the yard's capital by zł. 120 million is an element of its restructuring plan. The Treasury does not want the management of the shipyard headed by Włodzimierz Ziółkowski to make decisions related with the capital increase. "Therefore it asked to postpone the shareholders' meeting until December" said one of the yard's representatives. According to unofficial information, the r equests of the Treasury can be interpreted as a vote of non confidence for the management. "The shipyard is in a difficult situation and the real ization of its contracts is delayed. It is not a secret that many private shareholders are not willing to participate in the capital increase. If it is to be run by the Treasury, it will de facto mean that Industrial De velopment Agency (ARP) would take part in the increase as well" said deputy Treasury Minister Ignacy Bochenek. (Puls Biznesu, p. 6) A.Z.