Polkomtel's new board declines investment in TPSA rival

Mobile phone network operator Polkomtel S.A. got a new supervisory board on Friday with TVP deputy president Jaroslaw Pachowski replacing Marek Mroczkowski as the president of Polkomtel, operator of the Plus GSM network. The company's new management decided not to join the National Telecommunications Group (KGT), the company designed to be an alternative to national phone operator Telekomunikacja Polska S.A. (TPSA), as the shareholders did not support the idea. At the shareholders' meeting on Friday Polkomtel's shareholders also decided that the company's net profit from 2001, amounting to zl. 591 million, will be used to recoup former years' losses and will become the company's reserve capital. The shareholders agreed to issue bonds at a value of zl. 0.5 billion. (Prawo i Gospodarka, April 13-14, p. 2; Rzeczpospolita, April 13-14, p. B4) K.S.