Grupa Kapitałowa Grupa Azoty
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Shareholding Structure
Shareholding by the number of shares
Shareholding by number of votes

Below are listed shareholders holding directly, or indirectly through subsidiaries, at least 5% of total voting rights at the General Meeting, along with information on the number of shares held by such entities, their respective ownership interests, the number of voting rights held, and their share in total voting rights at the General Meeting.

The actual state of the shareholding may differ from the one presented if there were no events imposing an obligation on the shareholder to disclose the new state of ownership or despite the occurrence of such events, the shareholder did not provide relevant information.

Shareholder Number of sharesShare in CapitalNumber of votesShare in total number of votes
State Treasury 32 734 50933.0032 734 50933.00
Nationale-Nederlanden Open Pension Fund (former: ING OFE)9 883 323 9,96%9 883 323 9,96%
Radosław Leszek Kwaśnicki,
The temporary receivership of shares held by Norica Holding S.à r.l.* (indirectly: 19 657 350 shares, i.e. 19.82%)
406 9980.41406 998**)0.41**)
Radosław Leszek Kwaśnicki,
The temporary receivership of shares held by Rainbee Holdings Limited*)
9 820 352 9,90%9 820 352**)9.90**)
Radosław Leszek Kwaśnicki,
The temporary receivership of shares held by Opansa Enterprises Limited*)
9 430 000 9,51%9 430 000**)9.51**)
TFI PZU S.A.8 530 1898,60%8 530 1898,60%
Others 28 390 11328.6228 390 11328.62
Total99 195 484100.0099 195 484100.00


  • AA and B Series Shares - 39 116 421
  • C Series Shares - 24 999 023
  • D Series Shares - 35 080 040

*) Related parties of Viatcheslav Kantor.

**)Mr Kantor was entered on the UK’s sanctions list on April 6th 2022 and on the EU’s sanctions list on April 8th 2022. On April 26th 2022, Mr Kantor and his subsidiaries Norica Holding S.à.r.l. of Luxembourg, Opansa Enterprises Limited of Cyprus and Rainbee Holdings Limited of Cyprus, through which he holds a 19.82% equity interest in Grupa Azoty S.A., were entered on Poland’s sanctions list.

As a result of the sanctions, all assets in respect of funds (including shares) held by the listed persons are subject to a freeze, which consists of a prohibition on moving, transferring, altering, using, accessing or otherwise dealing with the funds in any way which would result in any change to their volume, amount, location, ownership, possession, character, destination, or any other change that would enable the funds to be used, including portfolio management.

On July 11th 2023, the Minister of Development and Technology issued decisions on the establishment of temporary receivership for a period of six months with respect to:

  • Norica Holding Sàrl with its registered office at 121 Avenue de la Faïencerie L-1511, Luxembourg,
  • Rainbee Holdings Limited with its registered office at Kastoros 2, Nicosia, 1087, Cyprus, and
  • Opansa Enterprises Limited with its registered office at Kastoros 2, Nicosia, 1087, Cyprus

in order to take over the title to these entities’ shareholdings in Grupa Azoty S.A. of Tarnów. The Minister of Development and Technology has designated Mr Radosław Leszek Kwaśnicki as the person executing the temporary receivership.

By decisions of the Minister of Development and Technology of January 10th, 2024, the validity period of the established temporary receivership was extended to 12 months.

The temporary receivership was imposed by way of an administrative decision issued under Art. 6b of the Act on Special Measures to Prevent Supporting Aggression against Ukraine and Protect the National Security of April 13th 2022 (the “Polish Sanctions Act”), and the primary purpose of this legal instrument – in the case at hand – is to take over the ownership of the financial resources, funds or economic resources of the sanctioned companies in favour of the State Treasury or an entity other than the State Treasury. The ownership takeover as described above will take place under a decision of the minister in charge of economic affairs. Until then, the receiver individually manages the assets of the sanctioned companies, acting in accordance with the rules of conduct set out in the Polish Sanctions Act.

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