Elektrim Falls On Escalation Of PTC Fight
Elektrim shares dropped 8.1 percent in the single price auction system to 30.60 zlotys also because investors interpreted the firm's decision not to participate in a long-distance telephone licence tender as underlying its financial difficulties.
"Elektrim has become a very speculative stock and very sensitive to all negative information, including the problems with Deutsche Telekom," said a Warsaw-based broker.
Last week Deutsche Telekom's subisidiary, DT Mobil, has asked an international arbitration tribunal to annul the Polish company's acquisition of a 15.8 percent stake in mobile phone firm PTC giving Elektrim a majority holding.
Last week Elektrim, which also controls several local fixed-line phone licences, surprised analysts when it dropped plans to bid for a long-distance telephone licence citing concerns over the low profitability of the venture.
Elektrim had a net loss of 209 million zlotys after three quarters of the year against a 22.7 million loss in the same period of 1998.
"Elektrim has become a very speculative stock and very sensitive to all negative information, including the problems with Deutsche Telekom," said a Warsaw-based broker.
Last week Deutsche Telekom's subisidiary, DT Mobil, has asked an international arbitration tribunal to annul the Polish company's acquisition of a 15.8 percent stake in mobile phone firm PTC giving Elektrim a majority holding.
Last week Elektrim, which also controls several local fixed-line phone licences, surprised analysts when it dropped plans to bid for a long-distance telephone licence citing concerns over the low profitability of the venture.
Elektrim had a net loss of 209 million zlotys after three quarters of the year against a 22.7 million loss in the same period of 1998.
