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Vienna Court rules that Elektrim can keep its PTC Shares

On Friday, on the Warsaw Stock Exchange 1.49 million Elektrim shares changed hands.

In early trade the value of the shares rocketted by over 14%, but in the afternoon investors' enthusiasm gradually waned which nevertheless resulted in the shares being up 8.2% on the day.

On the whole, over 1,400 transactions were made.

These changes were the result of the Thursday ruling of the Arbitration Court in Vienna on the five year quarrel between Deutsche Telekom and Elektrim. The Tribunal stated that the German company, which is Elektrim's partner in Polska Telefonia Cyfrowa (PTC) were right to accuse the Polish firm of wrongly transferring shares from PTC to Elektrim's subsidiary ET.

However, the Tribunal did not agree that Elektrim violated the agreement between PTC partners, which saved the company from the loss of its PTC shares.

(WBJ 13.xii.04)

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