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EBRD reduces stake in Polish telecom firm TPSA
The EBRD has agreed to sell part of its stake in the Polish telecom company
Telekomunikacja Polska S.A. (TPSA), the market leader in fixed-line, mobile
and internet services in Poland and one of the country’s largest companies.
The 5.7 million shares represent approximately one third of the EBRD’s
shareholding, or 0.4 per cent of total TPSA shares. The shares, which are
listed on the Warsaw and London stock exchanges, were placed with J.P. Morgan
Securities Ltd. as a block trade at an exit price which represented a small
discount to the closing price of PLN 22.10 on the Warsaw Stock Exchange.
The Bank originally acquired its stake in TPSA in November 1998 as part of the
initial public offering of the company, when 15 per cent of the company was
sold by the Polish treasury. Subsequently, a consortium led by France Telecom
acquired a 35 per cent stake in TPSA in July 2000.
EBRD Business Group Director Peter Reiniger said the Bank acted as a
cornerstone investor in TPSA at the time of its IPO in 1998. Since then the
company has continued its transformation into a leading telecommunications
provider in central Europe through privatisation, growth and development. The
Bank remains committed to transition investments in the new EU member states
in their post-accession phase.
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