The European Board for Reconstruction and Development's Board of Directors has agreed to purchase a 5.75% share in Azoty Tarnow. EBRD purchased the stake in the Polish chemicals maker for 296.4 million zlotys or US$94.3 million.
The announcement was done through the EBRD website. Furthermore, the Polish state treasury announced the sale of 12.1% shareholdings in the top chemicals producer in the country at 52 zlotys per share to a consortium that included the EBRD. The announcement though did not reveal the shareholdings that the bank bought from that lot.
This comes after Reuters reported that Poland wanted to sell off its 5% of Tarnow, the third largest nitrogen fertilizer manufacturer in Europe, to EBRD.
The Treasury Ministry of Poland manages a 45% share before the sale and despite the sale, reassures the market that Poland remains as a 'long-term, significant investor' in Tarnow.
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