Axel Springer-Owned MZN Property Withdraws from the Warsaw Stock Exchange

MZN Property became Axel Springer’s third Polish acquisition in April. Since then, it has positioned a number of its own leaders in MZN’s Board. 

After a recent general meeting and a majority vote, MZN Property will withdraw from the Warsaw Stock Exchange (WSE). 

Ringier Axel Springer, which owns 79% in MZN Property, bought 33.55 million shares in a tender offer in April. In June, the company bought an additional 253, 000 shares, giving Axel Springer a majority hold over MZN Property’s decisions. 

The remaining shares belong to MZN’s President Jarosław Święcicki (9.23% ownership of the company); former Supervisory of the Board and owner of Sui Generis Investment, Dariusz Piszczatowski (5.17%); Wondelay Investments Limited (3.71%); and Alterium Holding (2.31%). 

Axel Springer appointed a manager from its Axel Springer Media brand, Franz Kury, to MZN's Board. He joins Ringier Axel Springer Media and Ringier Axel Springer Polska President, Mark Dekan and Axel Springer Polska Financial Director and Board Member, Kryzsztof Stopa, on the MZN Property Board.

In June, the Axel Springer made its first similar move by appointing former Ringier Axel Springer Tech CFO Maciej Lenartowicz to MZN's management team.