Grupa Azoty Not for Sale

Not for Sale

Not for Sale

The Ministry of the Treasury does not intend to sell shares of Grupa Azoty, according to a recent statement issued by the Ministry. Norica Holding, a subsidiary of Russia’s Acron Group, will increase its stake in Grupa Azoty by 2.8% and no more than 20% shares in the chemical company. Azoty is regarded by the Ministry of the Treasury as both an important and strategic company for Poland. “The Treasury does not intend to sell shares of the group. Retaining the status of the group is a strategic guarantee for the Polish economy,” according to a statement by the Ministry published last week. Alexander Popov, head of the board of directors of Russia’s Acron, previously reported that the aim of the company is to increase its share to over 20%, which would allow the Russian company to have a representative on the board of directors and access the company documents. The statute of Azoty specifies that as long as the Treasury has at least 20% shares in the company, no other entity can exercise voting rights with 20% of shares.

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