France Telecom may disconnect TP Invest's restructuring plans for TPSA

TP Invest's restructuring plans for companies associated with Telekomunikacja Polska S.A. (TPSA) may be at loggerheads with TPSA's new investor France Telecom. TP Invest will increase its own capital from zl. 59 million to zl. 85 million by the end of 2000. Shares of all 48 companies belonging to TPSA that will be given to TP Invest amount to zl. 35 million. Most of the sum will be spent on capitalization and restructuring those 48 companies. TP Invest's investment department is working on almost 10 projects connected with the internet and some of them should be finished by the end of 2000. "These are companies from the new technology sector. The investment strategy assumes investments between $500,000 and $1 million both in start-ups and developed companies. These will be long-term financial investments ranging from three to five years," said an anonymous TP Invest source. But analysts say France Telecom will decide on its own how to restructure the telecom though most agree TPSA should only keep fixed-line telephony, mobile phone and internet services and as quickly as possible get rid of the rest. (Puls Biznesu, page 5) M.M.