Polska Grupa Zbrojeniowa shareholder changes under consideration

Wojciech Balczun, the Polish Minister of State Assets, has indicated that changes to the shareholder structure of Polska Grupa Zbrojeniowa (PGZ) are being considered to increase the company's value and synergy. Speaking at the International Defense Industry Exhibition in Kielce, Balczun noted that bringing in new entities could help the company secure debt financing more effectively and compete with global defense giants from the US, South Korea, Germany, and France.

While no final decisions have been made, the minister suggested that 2027 could be an opportune time for such changes. He emphasized that the State Treasury would maintain full control over the company, as any analyzed scenario involves retaining a controlling stake. One potential scenario involves multiple state-controlled entities joining the shareholder base, rather than selling a large block to a single state-owned shareholder, which Balczun suggested might not be the optimal solution.

Currently, the State Treasury holds 71.36% of PGZ shares. The proposed restructuring aims to strengthen the domestic defense industry through 'local content' principles, increasing the participation of both state and private Polish companies in large public procurement contracts.