PKN Orlen may sell Polkomtel stake - on condition

According to the chief executive of Polski Koncern Naftowy (PKN) Orlen, Andrzej Modrzejewki, the company is considering selling its 19.6% stake in Polkomtel, the operator of Plus GSM mobile phones. "This is a very good moment to obtain some value from this stake, but there is one condition. All Polish owners would have to sell to receive a premium," Modrzejewski told reporters. PKN, as well as copper conglomerate KGHM and national energy producer PSE, together with the Polish Treasury Ministry as their dominant shareholder, own around 60% of Polkomtel. KGHM spokesman Jerzy Pietraszek said that the company is not surprised by PKN declaring its intentions to sell out of Polkomtel. "It's too early for us to take a position because we don't have any details about the valuation that we would have to receive," he elaborated. PSE officials were not available for comment. Foreign investors: British Vodafone and TeleDanmark, each with a 19.6% stake, are interested in increasing them. Polkomtel is Poland's second biggest mobile operator, registering 2.9 million customers. According to analysts' estimates, the company is worth $4 million to 5 million.(Gazeta Wyborcza, p.20; Reuters) A.D.