$147m Polish yards bill due
- 2009-07-22
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Perter Clarkson - Hits: 485
The Polish treasury expects the buyers of the Szczecin and Gdynia shipyards The majority of the assets of the two yards were bought by a single investor who acted through an offshore special purpose vehicle, Stichting Particulier Fonds Greenrights, on behalf of United International Trust. The exact ownership of UIT is still unclear.
The treasury announced at the time that the investor had declared a will to maintain and continue shipbuilding business at the two yards.
Stichting Particulier Fonds is thought to have made final bids for the assets it wanted mere seconds before the deadline, making bids that it thought would secure the purchase.
A representative for the buyer has said it is creating a new company, Polish Shipyards, which will eventually take ownership of the assets. The finances behind the company have come from the Qatar Islamic Bank with backing from the Qatari investment bank QInvest.
A statement on the QInvest website said, "QInvest, Qatar's largest investment bank, is a full service investment bank, not an investment fund. QInvest is acting as an advisor for clients who are in the process of acquiring [the yards]. The names of these clients cannot be disclosed due to confidentiality reasons. The transaction is currently at the due diligence stage and pending completion."
Source: Asiasis
