TPSA and Treasury to discuss share management strategy

TPSA is to hold talks with the State Treasury, which has been giving away its shares in the operator to ailing firms, CEO Marek Jozefiak said yesterday. In 2002, the Treasury, which holds 18% in the the telecom, gave three state-owned institutions a combined 4.7% stake, prompting periodic drops in the operator's share price. Last week Treasury officials said the government might give a 1% stake to the ailing Gdynia shipyard and some shares may also go to a newly-created coal holding. "We are set to meet with Treasury Minister Slawomir Cytrycki, so that the Treasury could soon prepare a strategy to manage TPSA's shares without hurting the company," Jozefiak told reporters. Jozefiak said fears that companies which recently received shares would dump them on the market have hurt TPSA's share price, which at the close of trading yesterday was steady at zl. 11.65. In related news, TPSA also announced the introduction of new services and a slowdown in staff cuts from the 17,000 workers dismissed last year as part of the company's restructuring program. (Reuters, Puls Biznesu, p. 3) K.Z.