The Minister of Development of Poland, Waldemar Buda, has announced the implementation of compulsory administration over three companies owned by Russian oligarch, Viatcheslav Kantor. These companies control approximately 20% of Azoty Group shares. Despite the shares being frozen, preventing dividend payouts or voting at shareholder meetings, the Polish government does not want Kantor, a supporter of Russian President Vladimir Putin, to be associated with the strategic Polish company – a leader in the domestic fertilizer market and one of the key capital groups in the fertilizer and chemical industry in Europe. The companies in question, Norica Holding, Opansa Enterprises, and Rainbee Holdings, give Kantor control over 19.8% of Azoty Group’s shares, worth about PLN 550 million on the Warsaw Stock Exchange. Due to recent financial performance, Azoty’s share price has fallen by 30% over the past year, reaching its lowest level in over two years. Similar actions were taken with gas-trading company Novatek and PAO Gazprom, which owns 48% of EuRoPol Gaz’s shares. Buda stated that the actions are part of a broader effort to reduce Russian influence and capital in the Polish economy, whether by gaining independence from Russian energy resources or limiting Russian investment. The aim of the compulsory administration is to take over the shares held by these companies in the Azoty Group.
Source: gospodarka.dziennik.pl
