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Polish Network Could Be Sold in First Half of 2011
By: Ian Mansfield |
Poland's PKN Orlen will push ahead with long running plans to sell its stake in the local mobile operator Polkomtel, as well as other disposals of assets in its oil refining business. PKN Orlen has been looking to sell its stake in the company for some time, although it was constrained by a shareholder pact that expired last year.
PKN's chief executive Jacek Krawiec said that the company, along with other Polkomtel shareholders - KGHM, PGE and Weglokoks - will start a pre-marketing procedure of the 75 percent stake in the fourth quarter of this year. The sale has been previously valued at around EUR 3 billion.
"We still believe the sale can take place in first half of 2011," Krawiec said at a press conference.
Polkomtel, which trades as the Plus network is owned by Vodafone (24.4%), PKN Orlen (24.4%), KGHM Polska Miedz' (24.4%), Polska Grupa Energetyczna (21.85%) and Weglokoks (4.98%)
Media reports have previously suggested Egypt's Orascom as a possible bidder for stakes in Polkomtel.
Tags: [polkomtel] [pkn orlen] [Poland ]
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