TeleNet transforms its entities into joint stock companies

TeleNet, the third largest alternative telecom operator, is transforming itself into joint stock company, which might later result in a change in the ownership structure. "We intend to standardize the structure of the group, which has been undergoing reorganization for the past two years. After transforming TeleNet-Mielec and TeleNet-Centrum [into joint-stock companies] only two out of nine subsidiaries will not have the status of a joint-stock company," explained Andrzej Rogowski, president of TeleNet Polska. He added that the changes will lay good foundations for future consolidation, and it may be useful for development activities. Thanks to the processes, "We have an over 40% EBITDA margin at the consolidated level," added Rogowski. TeleNet is still planning to take over small independent operators, but for now it is not intending to sell any of its shares or debut on the bourse. (Puls Biznesu, p. 8) M.M.