Telecoms holding this month

Alan Heath
03-07-2002, 00:00

This month a holding company which could take the name of the national telecommunications group (Krajowa Grupa Telekomunikacyjna — KGT) could be registered. Its first task will be to consolidate the telecoms assets of those companies in which the state has a stake.

The idea of consolidation has still not been worked out to the full.

Krzysztof Heller, claims that talks are advanced will all parties and that the cabinet will be considering the proposal in detail. He does, however, accept that the creation of the group could be very complicated. Legal, formal and financial questions need to be resolved. It is known that the group will provide both specialist and basic services, although Heller claims that if no operators join then only the former will be possible.

Tel-Energo is currently discussing with its main shareholder the PSE about offering its skeleton network as a contribution to the KGT. A decision is not expected until next autumn as a valuation of the assets to be brought to the holding has not been considered yet.

The ministry is also trying to get the support of the independent operators. Krzysztof Heller claims that no pressure will be put on them to join the organisation.

Netia is currently converting debt for shares. Its creditors will take more than ninety percent of the company. Dialog is intensively seeking an investor although it already has a letter of intent. El-Net is in the sights of BRE Bank and Eastbridge who are negotiating buying Elektrim Telekomunikacja from Elektrim. El-Net is part of this group.

The next problem is who is going to pay for everything. Heller says that while the operators are trying to get themselves out of debt the government is working on a bill to resolve the problem of concession fees. Once these two points are resolved then the companies will be in a better financial state than at present.

However Heller thinks that the KGT will need an outside investor. BRE Bank has often been mentioned as a potential partner and has already placed funds in Szeptel and shortly in El-Net. BRE Bank therefore has shown by its experience that it would be a natural ally.

© ℗
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Podpis: Alan Heath

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