Szeptel to be given new chance in 2004 thanks to MNI debt for equity swop

In January 2004, a general shareholders meeting of stock-listed telecommunication company Szeptel, will probably be focused on increasing its share capital. The new shares, in accordance with an already signed agreement, will be taken over by Media Net Interactive (MNI), in a debt for equity swop. After converting part of Szeptel's debt, MNI will become its largest shareholder, with a 27% stake. "First we have to conclude taking over our debt from Pekao and TPSA," said Szeptel management board advisor Robert Niczewski. MNI has already taken over zł. 25 million of Szeptel's debt and is now looking for sources of financing the transaction. Szeptel forecasts that its revenues will grow to zł. 30 million, which will result from the launch of new services, such as offering long-distant calls with pre-fixed number, international connections and internet dial-up number, as well as from acquiring new clients. (Puls Biznesu, p. 11) M.M.