Polsat gets its house in order before its big bourse day

The television station will be changed into a holding. Zygmunt Solorz-Żak, a member of the supervisory board and the owner of Polsat, wants his group to be more transparent before the debut. Polsat wants to avoid the mistake of its competitor, ITI, whose unsuccessful debut on the bourse was due to the low transparency of its capital group. The Polsat holding would include: Telewizja Polsat, PTE Polsat, Invest-Bank, Telewizja Puls Catholic television, and, most probably, Polskie Media, the owner of TV4. “We are considering the buying of shares in Polskie Media. The transaction could take place before the public offer. We are now waiting for the analysts' recommendation," said Solorz-Żak. All these moves should increase Polsat's attractiveness to potential investors. The issue prospectus could be ready in December this year, but the beginning of 2006 is more probable. The company plans to sell 20-30% of its shares, the value of which has been estimated at $200-300 million. (Puls Biznesu, pp. 1, 4) A.F.