Warsaw intends to sell 20% to 25% of Telekomunikacja Polska in IPO
Article Abstract:
Telekomunikacja Polska SA of Poland plans to sell between 20% and 25% of its shares through a previously announced initial public offering (IPO) in its fiscal third quarter. To finance its 1998 investment program, the Polish monopoly also known as TPSA will issue bonds that will be coordinated with the IPO. TPSA also intends to raise new capital after the IPO by selling shares in either 1999 or later. The investment requirements of the firm is estimated at $1 billion annually for the next two years. As part of the IPO, 25% will be offered to Polish retail investors while the remainder will be sold to domestic and international institutions.
Comment:
Plans to sell between 20% and 25% of its shares through a previously announced initial public offering
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Polish telecom share offer starts slowly
Article Abstract:
Telekomunikacja Polska SA's (TPSA) initial public offering, which was held on Oct. 19, 1998, attracted few buyers. An officer at the brokerage house Bank Przemyslowo-Handlowy SA's office in Warsaw, Poland, stressed that there were not as many buyers of TPSA stock as the company had anticipated. TPSA's offering, which is worth between $5.6 billion and $7.4 billion, will add over 50% to the market's capitalization. In terms of efficiency, TPSA lags behind its peers in Central Europe as the company runs 107 lines per worker compared with 167 lines per worker for Magyar Tavkozlesi Vallalat Rt. of Hungary.
Comment:
Its initial public offering, which is effected on 10/19/98, attracts few buyers
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Eledtrim agreed to sell El-Net shares to managers
Article Abstract:
Electrim SA and other shareholders of the local telephone operator El-Net agreed in August 1997 to sell 21% of El-Net's share capital to managers. At the next shareholders meeting, Electrim said it would propose a resolution to annul the 1997 decision to sell shares to managers. Electrim is also involved in a controversial agreement to sell a 6.5% stake in Polska Telefonia. Investors say the Polska Telefonia agreement would reduce the market value of Electrim's stock by as much as $150 million.
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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