Prokom bond issue to raise zl.200 million for debt restructuring, investment

Shareholders in leading computer systems integrator Prokom yesterday adopted a resolution on issuing convertible bonds valued at zl.200 million. According to a company statement, a third of the funds raised from the issue have been earmarked for debt restructuring. "Two thirds will be used for investments," said Prokom official Maciej Wantke. He added that a large chunk of the money set aside for investment would be used to finance the firm's joint ventures with Telekomunikacja Polska (TPSA), with the remaining chunk to "finance acts of consolidation." Prokom has been rumored to be planning a hostile takeover bid for its competitor Softbank, with Softbank taking defensive steps to ward off any such move. According to market analysts quoted by Prawo i Gospodarka, Prokom should have no trouble finding investors. A bond issue a few months ago by another leading IT company, ComputerLand, was heavily over-subscribed. (Prawo i Gospodarka, p. 16; Reuters) M.T.