KGHM spends zl.294 million on gaining full control of Telefonia Lokalna

KGHM, Poland's largest copper concern, has announced that it has become the sole owner of Telefonia Lokalna, after buying up the remaining shares in the company at a price of zl.294 million. The investment was financed by a short-term credit worth $70 million granted by Bank Handlowy. Telefonia Lokalna is the operator of the Dialog telecommunication network, which owns a concession to provide internet and data transmission services across the whole of Poland. KGHM has also announced that it plans to find a sector investor for Telefonia Lokalna within the next two years. Telefonia Lokalna recorded a net loss of zl.160 million last year. (Prawo i Gospodarka, p. 15) A.K.