New investors line up to take over key shares in prospering Telbank
Tel-Energo and Enterprise Investors are mentioned among the potential
investors who could buy a package of Telbank's, a banking telecommunication
company, shares from the National Bank of Poland (NBP). The shortlist of
companies that want to buy Telbank will be announced probably next week. The
sales is demanded by law and has to be completed before January 1, 2003. The
company is attractive with its 2,500 kilometers of modern fiber optical
network, good revenues of zl. 130.5 million in 2001 and considerable profits
(zl. 24.1 million last year). Analysts estimate the value of Telbank at
between $100 million to $200 million. Iwona Drabot, a spokeswoman for
Enterprise Investors said, "In view of the company's policy I can neither
confirm nor deny that we have placed an offer." There is speculation that
Tel-Energo will use a loan from the European Bank for Reconstruction and
Development to finance the purchase of the shares. (Rzeczpospolita, p. B3)
P.W.
