Tel-Energo unveils plans and strategy for 2004

The management of Tel-Energo, headed by Tomasz Kibil, have announced the company's plans for 2004, according to which, the second largest domestic optical fiber network operator, is to reach positive financial results by the end of next year. The plans however, do not take into account the possible take over of the company by Netia, which has announced it intention to submit a binding offer today for the purchase of the operator from the National Grid (PSE). Tomasz Kibil said in an interview that Tel-Energo plans to sell its 1.5% stake in Polkomtel late in the first quarter of next year. The asset has an estimated value of zł. 180 million, and according to Kibil, zł. 100 million of the acquired funds will be used on investments in telecommunications infrastructure. The company expects its 2003 sales to rise to approximately zł. 290 million. Kibil also announced initial plans to merge Tel-Energo with its subsidiary Telbank, and possibly long-distance operator NOM. Following that, the holding will invite investors to a potential sale. Kibil was however, unable to say whether he will seek a sector or a financial investor, or whether he will prepare to float the company on the stock exchange. (Parkiet, pp. 1, 5) A.K.