Treasury may net zl.2.8 billion from 10% TPSA sale

The Treasury could soon be getting a much-needed cash boost from the sale of a 10% stake in Telekomunikacja Polska (TPSA). According to a report in Puls Biznesu, a deal with France Telecom could be signed "any day now". If, as reported, a zl.20 share price has been agreed, then the Treasury stands to receive zl.2.8 billion from the sale. "If the government accepts the conditions of the contract, the agreement could even be signed today," Puls Biznesu quotes a source close to France Telecom as saying. The share price is exactly half of what a France Telecom-Kulczyk Holding consortium originally offered to pay for the additional 10% stake in TPSA late last year. However, with the share price of TPSA currently at around zl.13, the offer estimates the company's worth at 50% above its market value. As part of the deal, the Treasury is trying to negotiate a dividend payment by TPSA. A France Telecom representative quoted by Puls Biznesu says, "We are ready to return to negotiations. If the contract is signed, we will probably support the proposal of the State Treasury concerning the dividend payment." (Puls Biznesu, p. 5) A.K.