State Treasury to stipulate the terms of TPSA share sale

The State Treasury is to announce the terms in accordance with, which a public offer of shares of telecom giant TPSA is to take place. "We want to get rid of the shares of the operator by the end of this year," announced the State Treasury Minister, Piotr Czyżewski, adding that initial sugg estions from his advisors will probably lead to a sale of the first tranche of shares by the end of September, beginning of October, while the second group by the end of November. Having learnt these announcements, investors began selling their stakes in the operator. During yesterday's session the company's share price fell by 4%. The State Treasury controls 203 millions TPSA shares, with a market value of zł. 2.9 billion. "It should be expected that the whole stake will find buyers without a problem. France Telecom, TPSA's largest shareholder, holds an option to purchase up to 10% of the shares from the State Treasury in a public offer," said an industry analyst. (Puls Biznesu, p. 9) A.K.