Market reacts positively to PTC decision

Following Elektrim's agreement to sell its stake in Polska Telefonia Cyfrowa (PTC), Era GSM operator, to Deutsche Telekom (DT), the market reacted enthusiastically. The company's share price rose by almost 10%. Analysts initially expected the funds obtained from the sale will first be used to pay back Elektrim Telekomunikacja's loan to Vivendi, while the remaining share to be divided among the shareholders. However Elektrim has presented an agreement to which the holding is to receive EUR 400 million out of the total of EUR 1.1 billion which will be paid by DT. "It looks like Vivendi and Elektrim have achieved as much as they could at this moment. If they would not have to sell PTC today, then in a year's time, they could have achieved much, much more,"added Stefan Knopik of BM BPH PBK. Elektrim will use the funds most probably to pay back its liabilities, and announced plans to liquidate most of its assets which are not its core business activities. It is possible Elektrim will only keep its shares in PAK power plants. (Parkeit, p. 1; Puls Biznesu, p. 3) A.K.