State Treasury eager to sell its 4% stake in TP SA

2003-12-23

Most probably before the end of the year, the State Treasury will sell its 4% stake in telecom giant TP SA. According to Treasury Minister Piotr Czyżewski, the strategic investor in the operator, France Telecom (FT), has submitted an offer to purchase the shares. Mr. Czyżewski also maintained that revenues from privatization in 2003 will stand at PLN 4.5bn, with a shortfall of around PLN 800m. The Ministry added that if the French maintained their offer, the transaction could be executed very quickly. However, he did not want to reveal how much FT is ready to pay. The market value of the 4% stake is around PLN 750m.