11% Telekomunikacja Polska S.A. sell-off hindered

The Treasury Ministry is willing to sell an 11% stake in TPSA to stock exchange investors. According to information published in Puls Biznesu in June, the Treasury Ministry had intended to make a public offer of TPSA shares by the end of this year, but this was later denied by the ministry's press office. Yesterday, Treasury Minister Wies3aw Kaczmarek told Rzec zpospolita that he is planning the next stage of TPSA's privatization, explaining "It's not a final declaration. Taking a final decision requires additional analyses". These analyses include an evaluation of TPSA shares, currently standing at z3. 10.45 each. Analysts say that the success of the public offer depends on the behavior of TPSA's sector investor France Telecom (FT). Another problem involves FT's option to purchase a 2.5% stake in TPSA, which would give the Polish budget over z3. 500 million and the French company control of the dominant national operator. "France Telecom promised to submit its offer on the purchase of the option by the end of June, but failed to do so. I do not know why this happened. It is one factor hindering the public offer," said Kaczmarek. (Puls Biznesu, p. 5) A.Z.