KGT poses threats, opportunities for potential investors

The establishment of the new national telecom operator Krajowa Grupa Telekomunikacyjna (KGT) could be a benefit to some of its investors and a liability to others. According to analysts quoted by Puls Biznesu, oil giant PKN Orlen and copper concern KGHM, both of whom are investors in telecom firm Polkomtel, could see their market values change if their portfolios were to be forwarded to KGT. "Such a solution could pose a threat to PKN and could be an opportunity for KGHM," said Rafal Jankowski, an analyst with CDM Pekao. "Work on consolidation of the telecom market is being done but the entrance of Polkomtel to the group is not currently being taken into consideration," said deputy Infrastructure Minister Krzysztof Heller. KGT has been designated to be an alternative to current telecom monopolist Telekomunikacja Polska S.A. (TPSA). According to Puls Biznesu, internet service provider Pro Futuro might also invest in KGT. (Puls Biznesu, p. 5) P.J.