Elektrim deal with creditors causes 24% surge in shares

Elektrim's recent agreement with some of its creditors caused the company's share price to jump by 24.1% on Monday, reaching zl. 4.22 a share -- the highest level since November last year. Share turnover value, another indicator of Elektrim's popularity, was also record breaking -- zl. 27.2 million. However analysts remain cautious. "The new agreement does not ensure...that the company will manage to avoid bankruptcy," stressed Wlodzimierz Giller of Erste Securities. Elektrim management also announced yesterday that a consortium of BRE Bank and Netherlands-based Eastbridge was granted exclusive negotiations rights to take over a 49% stake of Elektrim Telekomunikacja (ET). According to unofficial information, the consortium offered only euro 400 million for the stake, euro 50 million less than an offer made by a consortium of Elektrim's creditors. "Although we have not received an offer, as understood by the civil code, the [BRE-Eastbridge] consortium is showing very serious interest in obtaining the ET shares," said Elektrim's head Maciej Radziwill on Monday. The exclusive negotiations rights are valid until July 15. (Gazeta Wyborcza, p. 24; Prawo i Gospodarka, p. 1) A.K.