Tel-Energo and Telbank merger moves forward

"We are awaiting a recommendation from our advisor. Later this week we will choose one of the nine proposed offers," Tel Energo president Tomasz Kibil told Rzeczpospolita. He added that their networks have been virtually merged together and part of the investments for 2004 will be designated to add the final touches and limit the number of bottlenecks. Kibil stressed that both networks were constructed using different technologies, as Tel-Energo uses an air telecom network, while Telbank an underground one. The new telecom group, which will arise out of the merger, plans to increase its revenues by 20% to 30% in 2004, against 2003 in which Tel-Energo and Telbank recorded sales of zł. 295 million and zł. 126 million respectively. "This will be organic growth. We can offer new services to our existing clients, especially financial institutions, whose telecommunication needs will be growing," explained Kibil. (Rzeczpospolita, p. B5) M.M.