Elektrim may buy 75% of Poland.co through sale of Elektrim Kable shares

Elektrim confirmed last Friday that it wants to purchase 75% of shares in Poland.com, paying in total a little over zl.24 million, much less that it previously intended to pay. Paying zl.18.7 million for newly issued shares in the portal, Elektrim will become the owner of 57.59% of Poland.com's capital, and perhaps up its stake in the company to 75% by acquisition of MCI held shares for zl.5.65 million. Funds for the transaction will come from sale of Elektrim-controlled Elektrim Kable shares to Krakowska Fabryka Kabli for $92 million, for which a letter of intent was recently signed by Elektrim, as well as from the sale of 100% of Port Praski to Pol-Mot Holding for $33 million. Elektrim's financial liquidity will also be improved by the issue of bonds valued at zl.300 million. The bonds will be secured by 4.9% of equity capital in Elektrim subsidiary Elektrim Telekomunikacja. In related news, Grupa Zasada (GZ) still intends to buy a 19% share package in Pol-Mot Holding from the State Treasury, for which GZ filed an offer to the Privatization Agency several weeks ago. (Parkiet, pp. 1,2, Puls Biznesu, pp.5), M.T.