Polkomtel's shareholders jockey for control amid board reshuffle
More changes in company management and shareholder structure may be in store for Polish mobile operator Polkomtel (http://www.plusgsm.pl) in the coming months, local analysts said last week, following the appointment of a new management board last Wednesday.
Marek Mroczkowski, a vice president and financial director at oil concern Polski Koncern Naftowy Orlen (PKN Orlen), was named chief executive officer of Polkomtel. He had been serving as the interim chief after the cell-phone firm's supervisory board suddenly discharged the former head and three other top executives without explanation on March 30.
Analysts indicated the new management reshuffle would be temporary until another board's likely appointment by Polkomtel's government-controlled shareholders. The next changeover is expected after the September parliamentary elections, which the opposition Democratic Left Alliance (SLD) party is expected to win.
Polkomtel's largest shareholders include British telecom Vodafone Group, Danish telecom TeleDanmark, government-controlled PKN Orlen and copper concern KGHM Polska Miedz, each with a 19.61% stake, as well as Polish Power Grid (PSE) with 16.05%.
Bob Creamer, a telecoms analyst at Raiffeisen Capital & Investment Polska in Warsaw, said the likely SLD victory would allow the new government to place their own appointees in management positions at state-controlled firms, including Polkomtel's government-owned shareholders.
But Andrzej Kasperek, an equity analyst at Bank Handlowy, said Mroczkowski's predecessor, who was noted for his left-leaning tendencies, retained his position at Polkomtel while the right-wing Solidarity Election Action (AWS) party had been in power until he was sacked in March.
Meanwhile, a change in ownership structure could take place at Polkomtel, Poland's second largest mobile phone firm with 2.9 million subscribers. PKN Orlen said in May it was willing to sell its stake if other state-owned shareholders did the same to ensure a premium price. PSE later indicated it was ready to follow suit. While PKN Orlen would likely use the money to acquire other oil refineries in Central Europe, PSE could use extra cash to finance its telecom subsidiary, Tel-Energo. Vodafone and TeleDanmark have previously expressed interest in increasing their shares. Last year, KGHM also said it wanted to increase its stake to 33%.
"If you were a government minister, would you want to sell in August or November?" asked one analyst, alluding to a possible desire by the current right-wing AWS government for Polkomtel's state-controlled shareholders to sell their stakes before the elections.
