Jakub Zablocki Sells XTB Shares, Reduces Stake

Jakub Zablocki, co-founder and controlling shareholder of Poland-based XTB, sells 8.4 million XTB SA shares, reducing his stake. The investment banks Santander and UBS led an accelerated book-building process to execute the transaction. The shares were sold at PLN 62.50 each, an 8.4% discount to XTB’s closing price of PLN 68.20 on Tuesday. This move has netted Zablocki approximately PLN 525 million, or USD 135.59 million, before accounting for transaction fees and expenses.

This sale marks a significant shift in Zablocki’s ownership stake in XTB, reducing it from 50.9% to 43.78%. This is the first time his holdings in the company have fallen below the 50% mark. The remaining 51,472,869 shares held by Zablocki are subject to a 180-day lock-up period, a standard condition in such transactions to prevent immediate resale.

Jakub Zablocki Sells XTB Shares, Reduces Stake

This latest share sale is part of Zablocki’s series of significant divestments over the past 18 months. In February 2024, he sold 8.2 million shares at PLN 41 each, generating PLN 482 million (USD 119.4 million) and decreasing his stake from 59.9% to 50.9%. Earlier, in May 2023, he had reduced his holdings from 67% to 61% by selling shares worth USD 64.5 million at PLN 38 per share.

Despite these substantial sales, XTB shares have performed robustly in 2024, rising 78% year-to-date. However, they experienced a 10% decline from their peak of PLN 75.88, which reached May 2024. The company’s recent Q2 2024 financial report indicates a challenging period, with revenues dropping by 31% and profits falling by 47%, reflecting broader difficulties in the market.

In Conclusion, Jakub Zablocki’s latest sale marks a notable reduction in his XTB stake, signaling a shift in his investment strategy. Despite the substantial share price drop from its peak, XTB’s year-to-date performance remains strong. The company’s recent financial challenges highlight the volatility in the market.

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