LC Corp BV, an investment vehicle owned by Polish businessman Leszek Czarnecki, raised almost 128 million Polish zlotys from the sale of stakes in Getin Holding SA and Idea Bank SA, Parkiet reported March 23.
Both stakes were purchased by Getin Noble Bank SA, also controlled by Czarnecki. Getin Holding said in its March 26 filing that Getin Noble acquired 75,831,030 shares of the company, equivalent to a 9.99% stake. Prior to the transaction, Getin Noble did not own any shares in Getin Holding. The shares were sold at a price of 1.07 Polish zlotys apiece. After the transaction, LC Corp's stake in Getin Holding fell from 44.16% to 34.17%, Parkiet said.
LC Corp also sold a 3.88% stake in Idea Bank at a price of 15.4 zlotys per share, after which its holding in the lender dropped to 2.29% from 6.17%.
The transactions were carried out to help Czarnecki raise funds to participate in the upcoming 190 million zloty additional share offering by Getin Noble Bank, Parkiet said.
Getin Noble financed the acquisitions of the two stakes from its current liquidity, which means they will not affect its capital adequacy ratios, according to the newspaper.
As of March 26, US$1 was equivalent to 3.39 Polish zlotys.