Czech Republic-based J&T MS 1 SICAV has sent a public letter to the board of TiO₂ producer Venator Materials highly critical of the firm’s strategic direction and demanding additional independent shareholder representation. J&T is the second largest shareholder in Venator, with a stake of 14.3%.

Since an IPO in August 2017, the letter states, Venator’s share price has fallen by about 96% from a peak of $25.50 to less than $1. In November 2022, the company was warned that it faces a potential delisting from the New York Stock Exchange.

New York-based SK Capital Partners has acquired most of Huntsman’s stake in TiO₂ pigments and performance additives producer Venator Materials, which Huntsman span off in 2017. In all, it has bought a 40% stake or 42.5 million shares for about $100 million, including a 30-month option to buy the remaining 9.5 million at $2.15/share.