Tycoon Kulczyk bids for state-controlled chemical firm
PR dla Zagranicy
Nick Hodge
05.03.2014 12:46
Poland's richest businessman Jan Kulczyk is hoping to expand his portfolio with the acquisition of a majority stake in state-controlled chemical firm Ciech.
Jan Kulczyk, Wikimedia Commons
Kulczyk's KI Chemistry company aims to buy some 66 percent of the shares in Ciech, for an overall sum of 1.03 billion zloty (246 million euro).
The Ministry of the Treasury, which has a 38.7 percent stake in Ciech, is currently engaged in a far-reaching programme to sell off state-controlled companies, many of which were accumulated during the Communist era.
“Ciech had been allocated for privatisation,” a statement released by the ministry confirmed.
“The ministry has welcomed information about the interest of investors.”
KI Chemistry has stated that if the bid is accepted, investment in Africa will be the priority of the company.
Kulczyk made most of his fortune in oil and gas, although he launched his career by importing cars to Poland.
The Ministry of the Treasury has forecast that its revenues from privatisation will fall in 2014, as the majority of the most lucrative assets have already been sold off.
Poland expects to gain about 3.7 billion zloty (884.2 million euro) from asset sales in 2014 compared with about 5 billion zloty (1.19 billion euro) in 2014. (nh)
Source: IAR