Weglokoks wants 1 percent of Plus telecom

10-09-2007, 17:15

Warsaw (Puls Biznesu) – Poland’s biggest coal exporter wants to increase its stake at Polkomtel to 5 percent.

Piotr Koziol, since June CEO of Weglokoks, state-owned enterprise focusing on coal exports, wants to increase his company’s stake at Polkomtel from 4 to 5 percent. Polkomtel is the mobile operator of Plus GSM and Sami Swoi. PKN Orlen fuel giant is supposed to sell the stake (today it has 20 percent).

“This is a very profitable investment, a good value for money simply”, Piotr Koziol said.

That’s true. Last year, the dividend from Polkomtel constituted half of Weglokoks’s income. Polkomtel spent PLN 1 billion for its shareholders. Weglokoks had PLN 90m (EUR 23.6m) of net income last year.

Piotr Koziol refused to reveal how much Weglokoks will spend for the stake. Experts evaluate the stake may be worth PLN 100-200m.

Meanwhile, Weglokoks is losing its market share in coal exports. In the first half of the year, it sold 5m tons of coal abroad, or 3.9m tons fewer than in the same period of last year. The net income in the first six months of the year amounted to PLN 51m. Piotr Koziol forecasts PLN 75m of gross income this year while coal exports will amount to 11m tons.

(PLN 1 = EUR 0.262)

 

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