Gdynia and Szczecin shipyards for Ukrainians or Russians

APA - Austria Presse Agentur
opublikowano: 23-02-2005, 17:37

Warsaw (Puls Biznesu) – Polish Industry Development Agency (ARP) wants Stocznia Szczecinska Nowa (SSN) and Stocznia Gdynia (SG) shipyards to be merged with KSP, a holding of Polish shipyars. ‘If everything goes well, KSP should consolidate the companies till the end of June’, Arkadiusz Krezel, ARP CEO said.

Warsaw (Puls Biznesu) – Polish Industry Development Agency (ARP) wants Stocznia Szczecinska Nowa (SSN) and Stocznia Gdynia (SG) shipyards to be merged with KSP, a holding of Polish shipyars. ‘If everything goes well, KSP should consolidate the companies till the end of June’, Arkadiusz Krezel, ARP CEO said.

Next year, ARP would like KSP to enter CeTO, where it could raise funds to finance operations. The problem is that the companies building the holding are in a difficult financial situation and there will be few investors who will want to buy their shares. ARP CEO believes, however, that thanks to consolidation the companies will easier cut costs. The agency plans also to look for investor for KSP next year. Ukrainian Donbas and Russian Sievierstal would be welcome. An investor could enter the company in 3-4 years’ time because first the shipyards need to be restructured.

First, SG should get PLN 215 m (EUR 54.3 m) by converting debts into shares in order to be merged with KSP. The decision should be made on March 4th. It will be the third time the same thing will be voted as earlier some shareholders, including the Treasury, did not want give creditors privileged shares. SG had PLN 110 m of net loss last year, while in 2003 it was PLN 190 m. SNN on the other hand, doubled its net loss last year to PLN 66.4 m. ‘The companies are not profitable because of strong zloty and high steel prices, things they have no influence on’, ARP CEO explained. The shipyards will get 6 percent of direct subsidies for ship building.

(PLN 1 = EUR 0.253Poland/Enterprises/Heavy industry

 

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Podpis: APA - Austria Presse Agentur

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