Polish Polkomtel Holders Agree On Mobile Operator's Sale

WARSAW -(Dow Jones)- Polish shareholders in the country's second-largest mobile operator Polkomtel SA (PKT.YY) reached an agreement on the joint sale of their stakes in the company, PKN Orlen said in a statement Wednesday speaking on behalf of the parties.

"Polish shareholders in Polkomtel agreed principles of future cooperation in the company, including the intention of the joint sale of stakes," the statement said. "In the near future Polish shareholders want to start talks with foreign shareholders."

Polish shareholders in Polkomtel, which is unlisted, are oil refiner PKN Orlen SA (PKN.WA), copper producer KGHM Polska Miedz SA (KGH.WA) and power grid Polskie Sieci Elektronergetyczne (PSE.YY). They each hold a 19.6% stake.

Other shareholders include Vodafone Group PLC (VOD) and TDC A/S (TLD), also with 19.6% each.

By the end of November Polish shareholders want to sign an agreement regarding principles and a timetable for the sale, the statement said.

A working group will be established soon to work on the details of the agreement.

-By Malgorzata Halaba; Dow Jones Newswires, +4822 622 2767; malgorzata.halaba@dowjones.com

(END) Dow Jones Newswires "

Posted to the site on 20th October 2004