In Brief: Polpharma sold; UMTS deadline; PKN monopoly; Heros investor

The Treasury Ministry sold a 52.5% stake in the country's leading drug producer Polpharma to a consortium of domestic firms for zl. 231 million. The group led by Polish investment group Spectra Management, which will take a 42.5 % stake, also agreed to increase Polpharma's capital by zl. 100 million and invest another zl. 600 million within the next five years. (Reuters) ... The Telecommunications Ministry said on Thursday it is planning to announce an auction for the third generation mobile phone licenses (UMTS) beginning September and conclude it by the end of December. However if Sejm passes the telecommunications law amendment, which forbids new operators from entering the Polish market, on Friday, the government will not be in hurry. (Gazeta Wyborcza, page 26) ... The Office for Competition and Customers Protection (UOKiK) ruled on Thursday that Polski Koncern Naftowy (PKN) Orlen is to pay a fine of zl. 40 million for using monopolistic practices. It is the highest fine ever imposed by UOKiK in its history. (Prawo i Gospodarka, page 1) ... In the following weeks Kredyt Bank will introduce a new investor to Heros-Life. The life Insurer is currently holding talks with a German insurance company Deutscher Ring (Puls Biznesu, page 5) P.S. Correction: Poland A.M., Thursday, July 20, 2000, page 1. The information about UPC is incorrect. It is untrue that UPC has been refused a data transmission license by the Telecommunications Ministry. UPC, through its subsidiary, is still awaiting a license. We regret the error.