Telefonia Dialog to invest around zł. 1 billion by 2007

Telefonia Dialog (TD), a telecoms operator owned by copper giant KGHM, has announced plans to invest around zł. 1 billion by 2007 - twice the amount earlier anticipated. "In 2003 we will invest zł. 103 million, in 2004 zł. 165 million, in 2005 zł. 222 million, and in 2006 and 2007 a further zł. 259 million and zł. 251 million respectively. Of course we are talking about building infrastructure. The remaining funds for investments in this period will amount to zł. 140 million," said Tadeusz Kostka the head of TD, who was appointed to the post two days ago. The expenditure plan has been approved by the supervisory board and the capital will come from KGHM as well as through an issue of securities or from loans. A major concern for TD however are its debts, which stand at zł. 1.4 billion. Therefore the creditor, KGHM, is considering converting the debt into capital. Sector analysts speculate that clearing the debt might be connected with a future change in the company's ownership structure. (Puls Biznesu, p. 3) A.K.