Szczecin Shipyard subsidiary to receive new investor

The Industrial Development Agency (ARP) plans to continue production of ship s in Allround Ship Service (ASS), a partnership which it recently acquired f rom the troubled Szczecin Shipyard for the nominal sum of one zloty and has re-named New Szczecin Shipyard (SSN). "We plan to introduce a sectoral inves tor, which will be able to acquire more than 50% of shares in the new shipya rd. We already know that foreign partners are interested in participating in ship construction, helping in the acquisition of new sources of financing or even in capital involvement," said ARP president Arkadiusz Krezel. Companies from Italy, France and Norway are among the interested investors. It is also possible that the Szczecin partnership will be incorporated into the Gdynia Shipyard Group (GSG). "Talks on this matter have already been held. It is co mmon practice world-wide to create huge ship-building conglomerates. Joint c ompanies find it easier to contract new production," said Arkadiusz Krezel. The ARP estimates that banks and creditors will not lose more than zl. 600 m illion if the shipyard finishes those ships currently under construction. Ho wever it is impossible to save Porta Holding, the owner of the Szczecin Ship yard. Meanwhile, the State Treasury has announced that SSN will receive 100% State guarantees for the loans necessary for constructing ships. The Economy Ministry also assured that a proportion of the Szczecin Shipyard's workers' overdue wages will soon be paid. (Puls Biznesu, pp. 1-4) M.M.