In the communication of August 5th, 2014, the Polish Financial Supervisory Authority (KNF) announced that it found no grounds to object to the proposed direct acquisition by Polska Grupa Zbrojeniowa S.A. of a number of shares in MS Towarzystwo Funduszy Inwestycyjnych S.A. sufficient to exceed 50% of votes at the General Meeting.
The foregoing information indicates that PeGaZ is likely to become the majority shareholder of an investment fund company (Pol. TFI). It should be noted that a few years ago there were plans to manage certain assets of arms-producing companies through a separate non-public assets closed-end fund (Pol. FIZAN).
According to the register maintained by the KNF, MS Towarzystwo Funduszy Inwestycyjnych S.A. is a management fund of two closed-end investment funds: Lotus and Mars.
Closed-end funds (Pol. FIZ) are legal persons whose sole business is to invest funds in securities, money market instruments, real estate and other property rights. Closed-end funds are managed by other legal persons, i.e. by investment fund companies (Pol. TFI) in the form of joint-stock companies.
Investment funds benefit from exceptionally favourable – as for Polish conditions – subjective income tax exemptions. Structures involving non-public assets closed-end funds investing in real estate or in bonds offer particularly favourable prospects.