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Ministry Relaunches Talks Over G-8 Sale

The Treasury Ministry revived its negotiations with El-Dystrybucja concerning the sale of a 25% plus one share in the G-8 energy distribution company.

"A few days ago I made a decision to reopen the talks with the investor. Our aim is to give better terms on the offer," said Treasury Minister Piotr Czyzewski.

The transaction might even be carried out before the end of the year. In anticipation El-Dystrybucja has already secured a zl. 1.5 billion loan for this purpose from BRE Bank.

The sum is not enough to buy all the shares as well as pay for the the investment and social packages, but it will be enough to receive a positive opinion from the Ministry.

The sum necessary to cover these packages might be as high as zl. 3 billion. However, specialists claim that the range of error might be very large due to the fact that no comprehensive technical evaluation of the power plants had been made.

(WBJ 17.xi.03)

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