Polkomtel's surprise early repayment of zł. 500 million loan

The loan was granted by all shareholders in order to finance the UMTS system. This means that stock-listed KGHM and PKN Orlen, as well as Vodafone and TDC, which each control stakes of 19.61% in the operator, will receive at least zł. 100 million each. The National Grid (PSE) controlling smaller stake will receive a slightly smaller amount of money. "Our very good financial state has allowed us to repay the loan and interest earlier than anticipated. The money was acquired from our 2003 operating activ ities," read Polkomtel's statement. Anna Hess, an analyst with CDM Pekao said, "I am surprised (...) Maybe the shareholders had some reason to take the money out of the company earlier. Polkomtel is also expected to pay out a dividend on 2003 profits." At the end of September, its liabilities amounted to zł. 873.8 million. (Parkiet, p. 7) M.M.