Treasury to receive extra zl.160 million for TPSA stake

France Telecom and Kulczyk Holding, who together form the consortium that is the key shareholder in leading telecoms operator Telekomunikacja Polska (TPS A), have reached an agreement on paying the State Treasury an additional zl. 160 million instead of a dividend. Under the deal the Treasury, owner of a 3 5% stake in TPSA, will receive in total zl.3.66 billion for the 12.5% of TPS A shares it agreed to sell last month. In exchange, the Treasury has withdra wn its demand for a zl.450 million dividend. "According to our agreement the issue of a dividend payout is definitely closed," said Karol Milkowski, head of the Treasury's strategic companies department. Once it completes the purc hase on October 16, the French-led consortium will have 47.5% of TPSA, with an option to increase the stake to 50% plus one share by the end of 2002. (G azeta Wyborcza, p. 25; Reuters) A.K.