PSE prepared to follow suit if PKN Orlen sells shares in Polkomtel

Chief Executive of energy distributor Polskie Sieci Energetyczne (PSE), Zbigniew Zakrzewski, has said that the company should sell its shares in Polkomtel, operator of the Plus GSM network, if energy giant PKN Orlen goes ahead with a plan to sell its stake in Polkomtel to Vodafone. Zakrzewski explained that disposing of its Polkomtel shares would conform with PSE's strategy of streamlining its portfolio, and would free up funds for developing its Tel-Energo concern. He also suggested that for PSE, as well as for other investors KGHM and Weglokoks, the sale would protect them from a fall in stock value resulting from PKN Orlen's sale of its stake in Polkomtel. PKN Orlen and the KGHM copper conglomerate together own 20% of Polkomtel. With the shares held by PSE's Tel-Energo concern and Weglokoks, they would have a combined holding of almost 60% of Polkomtel shares, which they could sell in a single block to Vodafone, already the owner of a 20% stake in the company. (Puls Biznesu, p.7) J.K.