Key decisions concerning Stocznia Gdynia shipyard expected this week

APA - Austria Presse Agentur
18-12-2006, 09:42

Warsaw (Puls Biznesu) – Today, the shipyard will receive binding offers from potential investors. Tomorrow, the government should approve of the itinerary of its privatization.

Warsaw (Puls Biznesu) – Today, the shipyard will receive binding offers from potential investors. Tomorrow, the government should approve of the itinerary of its privatization.

 

Brussels will accept state subsidies for Stocznia Gdynia shipyard only if it gets out of the red. This is impossible without a strategic investor.

“The European Commission may accept the subsidy if the investor covers 50 percent of the financial help. This is de facto a privatization”, Arkadiusz Aszyk, Stocznia Gdynia deputy CEO explained.

Today, the company is supposed to receive binding offers concerning the capital injection. It looks like Ukrainian Donbas is the only interested party. Ray Car Carriers ship owner owned by Rami Ungar, said before that it would not prolong its offer.

 

The state wants the investor to inject PLN 500m (132m) of fresh capital into the shipyard. A similar amount of money will be invested by the state next year.

“The European Commission feared that one day the shipyard is privatized and the next day it is nationalized. They cannot accept it. We assured them, however, that despite state investment, the strategic stake will belong to the investor”, Arkadiusz Aszyk said.

 

Tomorrow, the government will approve of the itinerary of the shipyard’s privatization. It provides for an investor appearing before June 2007. The first effects of the privatization should be visible in 2008. Arkadiusz Aszyk estimates that at the end of 2008, the shipyard should have PLN 60-70m of net income.

(PLN 1 = EUR 0.264)

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Podpis: APA - Austria Presse Agentur

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