Yesterday the boards of Polskie Sieci Energetyczne (PSE) and Tel-Energo
decided to sell a 50% stake in fixed-line tele-operator Telefonia
Lokalna (TL) to Polish copper conglomerate KGHM Polska Miedz. The two
companies will earn a total of $36.4 million from the transaction, with
KGHM becoming exclusive owner of the telecom company, the second largest
independent telephone operator in Poland. KGHM company is probably
planning to introduce a new investor for TL and tomorrow's shareholders'
meeting is a good opportunity, since it will consider raising the
telephone operators' current share by zl. 330 million to zl. 610
million. The new investor could take over at least part of the planned
share issue. TL has 80,000 subscribers and plans an increase to 115,000
by the end of this year. Revenues of zl. 80 million are projected. (Puls
Biznesu, pp. 1,3) M.M.
