On Wednesday, the European Commission will decide whether it approves of the restructuring of Polish shipyards. If it demands them to pay back public subsidies they have received so far (estimated at PLN 5-7bn, or EUR 1.5-2.1bn), Polish shipyards face bankruptcy. Surprisingly, Police chemical plant may lose a lot. The ministry of the treasury increased Stocznia Gdynia capital by 6.6m shares of Police, or less then 9 percent of all shares. If the shipyard goes bankrupt, Police shares will be sold by the bankruptcy officer.
If Brussels accepts restructuring plans of the shipyard, the company – according to present plans – should sell Police stake to pay back its debts.
“The recent drop in the price of Police shares has been the result of such expectations”, one of stock analysts commented.
In his opinion, if the shipyard sells Police shares on the WSE, the stock price will continue to fall. According to the analyst, it would be better to sell the stake to a chosen investor and not on the stock exchange.
(PLN 1 = EUR 0.307)