Elektrim to split non-energy ventures, listing them as a separate company

Debt-laden domestic conglomerate Elektrim will spin off its non-energy ventures and list them as a separate company, said Jacek Dabrowski, head of the investor relations department. Elektrim must soon repurchase its bonds worth euro 480 million soon. „Splitting into telecommunication and energy parts would allow the latter to decrease the risk of financial troubles. It's likely that two companies are worth more separately”, commented Zbigniew Lapinski from Deutsche Bank. Elektrim also hopes its planned new structure will satisfy its German partner, Deutsche Telekom (DT), and also appease French media group Vivendi Universal, which along with Elektrim controls leading domestic mobile phone operator PTC and cable TV operator Bresnan. Elektrim decided on Wednesday to extend a deadline to sell control of its fixed-line telecoms assets to DT. Many market watchers expressed doubts whether Elektrim, which had feuded with both DT and Vivendi over last two years, would be able to satisfy both marriage partners in the proposed love triangle. (Parkiet, pp.1,2; Reuters) M.K.