PGE may abandon its telecommunications arm

PGE is planning to carry out some disinvestments, among others, getting rid of its telecommunications subsidiary, Exatel, Puls Biznesu daily reported. Marek Woszczyk, the CEO at PGE announced that the disinvestments will regard "assets which are not related to the basic activity of the company. We have such, telecommunications ones, for instance." The daily suggested that this decision may refer to the recent reports saying that PGE has approached Polish Investments for Development (PIR) with an offer for boosting a fund designed to support troubled Kompania Węglowa. This would mean that PGE is to inject cash and transfer Exatel, which would translate to the addition of PLN 6 billion to the fund.