ITI Holding discusses share sale of TVN Television

Television group formed around the TVN station will most probably offer investors between 20%-30% of its shares in a public offer. "The final decision will be made in the late December or early January. We will definitely not give up control. We think that the proposed stake will ensure the proper liquidity of shares," said ITI president Jan Wejchert, adding that the company has not withdrawn from its earlier plans to float the shares of the ITI holding itself on the Warsaw bourse. "However, following a successful bond issue by TVN, the more probable is the option to float the assets of the television company alone," said Wejchert. If the market situation will be beneficial, the public offer might be executed in the middle of next year. The raised funds will be used to buy back a 10% stake in TVN from a company controlled by BRE Bank, and also to lower TVN's debts by 35%, which were caused by issuing bonds worth EUR 235 million in November. (Puls Biznesu, p. 8) A.K