Poland’s open pension fund ING OFE has recently cut its stake in the Warsaw Stock Exchange contractor Polimex-Mostostal in a move that has made it possible for the fund to join the holding of another listed builder Mirbud. ING sold more than 9m shares in Polimex, decreasing its stake in the holding from 5.05 percent to 4.44 percent. At the same time, the fund acquired 9.8 percent of shares in Mirbud.
Market observers speculate ING might be thinking about exiting the troubled construction company Polimex-Mostostal in the long-run, following a series of disputes with the company’s management board which have intensified time, as the troubled contractor has been increasing its efforts to avoid bankruptcy.
