Elektrim to sell its cable producer to Krakowska Fabryka

Elektrim announced yesterday it has signed a letter of intent to sell its 70.49% stake in Elektrim Kable (EK) to cable producer Krakowska Fabryka Kabli (KFK), which in turn is controlled by cable producer Tele-Fonika. The deal, which insiders say will cost KFK zl.92 million and would give Tele-Fonika and EK control over 80-90% of the Polish cable market, has yet to be approved by the Competition and Consumer Protection Office (UOKiK). KFK adds that upon receiving the green light from the Securities and Exchange Commission (KPWiG), it will call a public bid for the sale of EK shares. Separately, Elektrim said it has found a buyer for its Port Praski harbor, which Elektrim took over from Warsaw City last year in return for a euro 17.5 million investment in the construction of Swietokrzyski Bridge, but would not divulge the name of the chosen investor. According to Wood&Co. analysts, the harbor is worth $52 million. (Rzeczpospolita, p.B3, Puls Biznesu, p.9; Parkiet, p.2)J.K.