Doubts remain over Elektrim future despite cable unit sale

Shares in Elektrim surged yesterday by as much as 6% after the power and telecoms conglomerate on Wednesday received permission to sell its cable unit. Elektrim shares had fallen sharply in recent weeks amid fears that it would default on payment of euro 480 million of convertible bonds due in mid-December. Despite the boost from the agreement for the Elektrim Kable sale to go ahead, doubts remain over the future of the heavily-indebted Elektrim. Its shares shed their earlier gains yesterday, to close 2.2% down amid profit-taking and fears over the company's long-term future. Parkiet suggests that a possible scenario for Elektrim's survival would be the sale of its telecommunications assets, allowing it to pay off its debts and transform itself into a power company. (Rzeczpospolita, p. B6; Parkiet, p. 1; Reuters) P.W.