State Treasury will have majority stake in Gdynia shipyard

The State Treasury will buy shares worth zł.120 million, including a zł.40 million stake taken over by the Industrial Development Agency (ARP) as part of debt conversion. The ministry has conditioned its acceptance upon receiving preferential voting rights. As a result, the State Treasury will hold 52% of shares but as much as 65% of votes. The remaining shareholders, Kredyt Bank, which will eventually possess 12,5% and PZU and PZU Życie with their 6%, are reluctant to take part in raising capital, but hope it will lead to the troubled company's recovery. (Puls Biznesu, pp. 1, 6) M.K.