Warsaw (Puls Biznesu) – Polsat, the TV broadcasting company owned by Zygmunt Solorz, delays its IPO plans by one year. Analysts suggest, this means it gives up acquisitions for a moment.
Polsat said it wanted to be listed as early as in 2004. However, it further shifts the plans.
“We are not giving up the IPO altogether. I believe, an offer will be possible in the beginning of next year”, Zygmunt Solorz-Zak, Polsat chairman and owner said.
He explains that the company must get ready for the listing.
“We are implementing SAP system plus IAS, which postpones the preparations for the IPO”, Zygmunt Solorz-Zak said.
There is another explanation as well.
“The problem is that we do not have to conduct the IPO to get funds”, he added.
Analysts explain the delay with the fact that Polsat has given up acquisitions for the moment. Earlier, Zygmunt Solorz-Zak said he could buy TV4, a company related with Polsat.
“Polsat is a rich company. Unless they plan acquisitions, they do not need additional funds”, Michal Marczak, DI BRE Bank analyst said.
According to preliminary estimates, Polsat had PLN 220m (EUR 57.3m) of net income in 2005.
Other analysts say that Polsat fears IPO due to falling audience reach. In November, Polsat for the first time in history lost to rival TVN. The latter had 16.9 percent of the market while Polsat 16.4 percent.
(PLN 1 = EUR 0.260)