The European Bank for Reconstruction and Development (EBRD) has sold its shares in Polish freight transport company PKP Cargo, the second largest freight operator in Europe.
The bank has sold nearly 2.3 million shares, or 5.15% in stake.
EBRD transport director Sue Barrett said: "The bank, as an active minority shareholder, has supported corporate governance improvements and the transformation of PKP Cargo into a more integrated, market-oriented and efficient freight carrier."
The EBRD purchased the stake in 2013 when the Polish firm offered 50% ownership in an initial public offering (IPO).
Related
PKP Cargo CEO Adam Purwin said: "The EBRD as an institutional investor contributed invaluably to the success of the IPO.
"Following its investment, the EBRD has been continuously promoting good governance and supporting the implementation of PKP Cargo’s strategy."
PKP Cargo was involved in a series of acquisition deals this year. In January, the company bought 80% interest in Advanced World Transport (AWT) for approximately €103.2m.
The deal will expand PKP’s position in Central and Southern Europe, especially its capacity to serve the north-south transportation corridor.
Earlier this week, the freight operator acquired the remaining 44.44% stake in Polish logistics operator PS Trade Trans, in an effort to expand its businesses to international markets.
Image: PKP Cargo currenlty transports 114 million tonnes a year. Photo: courtesy of EBRD.