Tel-Energo to spend zl. 600 million on investments

Tel-Energo, which belongs to Polish Power Grid (PSE), is going to invest between zl. 500 million to zl. 600 million in the next two years. The company is looking to take over Telebank, Telekomunikacja Kolejowa as well as other companies providing telephony services to end clients. According to the company's president, Andrzej Arendarski, in 2002 Tel-Energo should invest zl. 240 million, most of which it is going to borrow. Currently the company is in the process of securing a bridging loan, while in the future it will finance investments through bond issues, or inconjunction with another investor. Some of the money is to be spent on development and on the introduction of new services, such as IP package i.e. data transmission and internet access services, deputy president of Tel-Energo Tadeusz Kubik announced. On Tuesday the company officially declared that they had bought zl. 64 million convertible bonds of Pro-Futuro, an internet operator. In 2001 Tel-Energo reported a zl. 10 million loss, with revenues of zl. 237 million. "We have held talks on taking over the fiber optics network from PSE," Arendarski said. Tel-Energo is expected to have zl. 317 million in revenue for 2002. (Puls Biznesu, p. 4) K.S.