Sale of Tel-Energo on hold to 2006

However, "We will not rush the sale, as the company is currently concluding its merger with Telbank. This would be a bad moment to close a deal. We will wait until Tel-Energo improves its results and market prices go up. This will not happen before the end of the year," said PSE president Stanisław Dobrzański. This means that the National Grid will have no chance of fulfilling the conditions of the loan agreement signed between EBRD and Tel-Energo. The latter received zł.400 million for the purchase of Telbank and part of the debt could be converted into shares, but only as soon as Tel-Energo has an investor. The operation was to be concluded by March 2005 but, "We hope that the bank will understand our justification and shift the deadline," said Dobrzański. (Puls Biznesu, pp. 1, 9) M.M.