Telefonia Lokalna shareholders' meeting to consider raising zl. 330 million

A general shareholders' meeting of Telefonia Lokalna (TL) to be held next week will consider raising capital by zl. 330 million, bringing its total to zl. 610 million. It is unknown, however, if the main shareholders, copper conglomerate KGHM and the energy company Polskie Sieci Elektroenergetyczne (PSE), will pay for issuing shares. The copper company management revealed that it plans to become the only investor in TL by the end of October. "If KGHM takes over TL entirely, then it will be the main receiver of the new issue or will find a new partner to participate in it," said a telecom analyst from a Polish bank. According to unofficial sources, KGHM wanted to merge TL with Netia. "Raising capital will make it easier to get external sources of financing, and it is not a secret that we need money for investments. I will not comment, however, on the capital changes," said TL president Jaroslaw M. Janiszewski. TL will invest zl. 500 million this year; the company has already spent twice that amount in investments since it began activity almost two years ago. Next year's plans call for an investment of zl. 600 million. (Puls Biznesu, pp.1,8; Parkiet, p.6)