ITI Holdings makes last minute changes to its share offer

Poland's media giant ITI Holdings, which is set to become Eastern Europe's first publicly listed television and cinema group, plans to sell its shares at between zl. 9.75 to zl. 14, which is higher than expected by most analysts, and would value the group at between $546 to $795 if all the new shares were taken up. "The price is high, but the market will probably absorb ITI shares if the final price is closer to the lower end of the range," said one Warsaw-based fund manager quoted by Reuters. The company also decided to cut the number of shares the company offered from 48% to 42%, which will amount to 95.7 million and not 110.6 million shares as had been expected even as late as yesterday. ITI representatives said that this was not due to fears that the issue may fail, but they avoided explaining this move. Boguslaw Tazbirek, an analyst with PBK Asset Management believes that, "This is a reaction to investor concerns about the holding's complex organizational structure". (Reuters; Prawo i Gospodarka; p. 3; Puls Biznesu, p. 12) A.K.