LC Corp BV, an investment vehicle of Polish businessman Leszek Czarnecki, sold 75,831,030 shares of Getin Holding SA for 1.52 Polish zlotys apiece, Getin said Feb. 28.
LC Corp also sold 1.35 million shares of Idea Bank SA for 23.53 Polish zlotys apiece, Rzeczpospolita reported March 1. The shares constitute a 10% stake in Getin Holding and a 1.72% stake in Idea Bank, the newspaper noted.
In both cases, the shares were most likely purchased by Getin Noble Bank SA, which is also controlled by Czarnecki, the report said.
Czarnecki received 147 million zlotys from the two transactions and is expected to use the funds to purchase additional shares to be issued by Getin Noble, according to Rzeczpospolita. The value of the planned share issuance, recently approved by the lender's shareholders, will amount to 190 million zlotys, the newspaper noted.
As of March 1, US$1 was equivalent to 3.43 Polish zlotys.
