Tele-5 to issue public offering for $20-$30 million to raise improvement funds

Vittorio Hemsi, President of Fincast - owners of television Tele-5 - announced yesterday that his company plans to make an initial public offering (IPO) amounting to $20 million-$30 million and enter the Warsaw Stock Exchange early in 2003. The company is controlled by Italian holding Eurocast Italia and advised by companies belonging to Pekao SA. " I think that the bourse still has the potential to finance further projects," said Maciej Trybuchowski of CDM Pekao. Fincast is planning to spend the proceeds from the IPO on developing its Tele-5 channel. The station will change its format in September due to low viewing figures and plans to launch a more extensive advertising campaign than in April and May. Vittorio Hemsi thinks the number of Tele-5 viewers should increase to 14-15 million by the end of 2002. Fincast has launched a 3-year investment plan valued at about $40 million, which is to be spent on acquisition and production of programs. Vittorio Hemsi has not excluded the possibility of also investing in Telewizja Familijna. (Gazeta Wyborcza, p. 25; Parkiet, p. 3) M.M.