Goldenfrazil Ltd, a minority shareholder in
Unipetrol, said Tuesday it has filed a lawsuit in a Czech municipal court against
Unipetrol over the sale of its PVCs and chemical unit
Spolana to Anwil, allegedly at below market value. In late February Goldenfrazil, which holds a 3.6% stake in
Unipetrol, sent a letter to
Unipetrol's supervisory board claiming the board damaged
Unipetrol when it sold
Spolana for
CZK 640.2 mln in October, arguing it could have sold for
CZK 1 bln, and demanding the board compensate minority shareholders by paying the difference between the two sums.
Our view:
We expect the news to have a neutral impact in today’s trading.