Treasury preparing to sell TPSA stake should bring market relief

According to Parkiet, the Treasury Ministry is preparing to sell its stake in TPSA, which will be acquired by large financial investors. The transaction has been slated for this year and would see the sale of about 11% of its shares in the operator. The Treasury does not have to announce the tender in order to find a brokerage house to carry out the transaction. Preparing such a project may take up to a few weeks according writes Parkiet. Selling the stake will mean that privatization revenues will increase to zł. 3.4 billion, which is about 50% of the amount scheduled for this year. The market should accept the move with relief, as the stake owned by the state was in the past used for increasing the capital of state-owned companies in financial difficulties. Specialists claim that after concluding the transaction, TPSA's share price should go up. (Parkiet, p. 1) M.M. In Brief: UOKiK investigation; Celsa invests zł. 380 million; GE Capital The Office for Competition and Consumer Protection (UOKiK) intends to investigate whether the increase of subscription fees for the ISDN digital line offerd by TPSA has not infringed consumer and competition protection laws. From December 1 they plan to increase the subscription fee from zł. 35 to zł. 55. (Gazeta Wyborcza, Aug. 16-17; p. 27) ... Celsa of Spain intends to invest over zł. 380 million in its plant in Ostrowiec and if the deal comes to fruition, the plant's workers will be guaranteed a 13-month period of employment. (Gazeta Wyborcza, Aug 16-17; p. 26) ... This year, GE Capital Bank intends to increase the sale of loans by 30% as compared with 2002. In the first half of 2003, the bank generated a net profit of zł. 52.4 million. (Puls Biznesu, p. 6) A.Z.