11 Mar – Grupa Azoty announces capital increase to finance new PP plant
According to a press release, the Management Board of Poland’s Grupa Azoty has agreed to a substantial share capital increase to finance the construction of a PP plant in Police, Poland.
The company is considering raising additional funds of around PLN1.11 billion ($290 million) through a secondary public offering. The proceeds from the capital increase are to be used to fund Grupa Azoty’s Police Polymers complex, which is estimated to cost around €1.27 billion ($1.42 billion). The construction of the 400,000 tons/year plant is expected to begin in late 2019, while operations are scheduled to commence by 2022.
The planned capital increase is expected to take place no later than by the end of July 2019, the company stated.