BRE Bank sells stake in ComputerLand to raise funds

On Friday, BRE Bank sold a block of shares in the IT company ComputerLand. At the end of June BRE Bank held about a 7% stake in ComputerLand, most of which is now in the hands of Commercial Union and ING-NN insurance funds, although the bank is still in possession of a further 200,000 shares. There was no official statement from BRE about the sale, but unofficial sources claim the bank needs money for dividend payments and to purchase shares in Elektrim, for both of which BRE will need about zl. 645 million. By August 16, the bank will pay out dividends of zl. 229.7 million (zl. 10 per share) and, according to the agreement between BRE Bank and Elektrim, the former should buy the latter's shares for zl. 415 million (euro 100 million). Also on Friday, BRE Bank announced the withdrawal of its shares from the Irish investment fund CICM Midas of Dublin. As a result of this operation, the bank will receive zl 87.1 million although in BRE's books the value of this investment was estimated at zl. 87.6 million. (Parkiet pp. 1, 2) A.L