Breakthrough for Telefonia Dialog

The president of copper conglomerate KGHM Polska Miedź Stanisław Speczik expects to find an investor for Telefonia Dialog (TD) by the beginning of 2004. He believes that his company does not have to have a controlling stake in the telecom operator. On Tuesday, KGHM directors informed the press that TD received a decision from the Infrastructure Minister about annulling its liabilities resulting from overdue license fees amounting to zł. 538 million. "So far we have only received a promise, while cancelling the fees will be concluded after the tax office examines KGHM's expenditures on the operator," Speczik told Rzeczpospolita. He added that their total financial involvement in TD was close to zł. 2.3 billion. If the annulment goes through, then by the end of the year Telefonia could post profits as high as zł. 400 million, while its value should reach zł. 900 million. "The company has been posting operational profits for the last twelve months," said the KGHM president. (Rzeczpospolita, p. B3) M.M.