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Tel-Energo Proclaims Plan to Shed Stake in Polkomtel

Tel-Energo, part of the Polskie Sieci Elektroenergetyczne (PSE) group, is planning to sell its 1.5 % stake in Polkomtel, the operator of the Plus mobile phone network, with the transaction slated to be finalized by the end of August.

According to Tel-Energo's president, Tomasz Kibil, the estimated value of the stake up for grabs is zl.180-220 million.

Although he refused to reveal who would purchase the shares, PSE disclosed it is interested in buying them.

"Our main objective is to provide financial aid to Tel-Energo," said Piotr Rutkowski, PSE's deputy president responsible for the company's telecoms assets.

Market analysts believe the move on Tel-Energo's part is but a prelude to the selling off of the majority stake in Polkomtel, as some of its major shareholders have also announced an interest in off-loading shares, while Vodafone has expressed an desire to increase its existing stake.

(WBJ 14.v.04)

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