Tele-Fonika Kable to be pulled off the Warsaw Exchange

On Friday, Tele-Fonika Kable (TFK) announced its withdrawal from the Warsaw Stock Exchange (WSE) despite earlier promises that such a decision would not be taken, as well as evident objections from the Securities and Stock Exchange Commission (KPWiG). The decision was made by Myslenice-based Tele-Fonika KFK, owned in turn by a private entrepreneur, Boguslaw Cupiala from Malopolska. Currently, TF KFK controls 99% of cable producer TFK. "Keeping the TFK shares on the bourse with such a share ownership structure is not economically justifiable," Cupiala said. Hence, TF KFK is unswervingly going ahead with its plan, which has roused the anger of analysts, individual investors and WSE management alike as TF KFK had made a public resolution that KFK would remain on the WSE for three years, or until Poland becomes an EU member. According to TK KFK spokesperson Jerzy Jurczynski, after de-listing TFK from the bourse, the two cable producers will merge. (Gazeta Wyborcza, Nov. 9-11, p. 28) A.Z.