UPDATE: Polish Holders Of Polkomtel Say Vodafone May Sell Stake

23rd Jun 2010 12:27

(Rewrites, adds comment from another shareholder.) By Marcin Sobczyk Of DOW JONES NEWSWIRES WARSAW (Dow Jones)--Vodafone Group PLC (VOD.LN) has expressed initial interest in selling its minority stake in Polish mobile phone operator Polkomtel, which could put the entire company on the market later this year, chief executives of the operator's two Polish shareholders said Wednesday. "There's initial interest from Vodafone," Tomasz Zadroga, head of Polish utility PGE (PGE.WA), told reporters when asked if the British company would join the divestment plan by Polish shareholders. "It's probable that 100% of Polkomtel will be on the market." The comment confirmed an earlier statement by Jacek Krawiec, CEO of oil refiner PKN Orlen (PKN.WA), who told daily Rzeczpospolita in an interview that Vodafone could join the Polish shareholders in the sale that could be worth 16 billion zloty ($4.84 billion). Vodafone Wednesday declined to comment on the statements. The executives of PGE and PKN Orlen said the sale of Polkomtel should begin in the autumn and be completed in the first half of 2011. PGE holds a 21.85% stake in Polkomtel. PKN Orlen and copper miner KGHM Polska Miedz (KGH.WA) each hold 24.39%. Coal miner Weglokoks holds a 5% stake in Polkomtel. The four companies are state-controlled. Vodafone holds 24.39% of the firm. After weighing the idea of listing Polkomtel on the Warsaw Stock Exchange, its handful of shareholders, who are mainly former communist-era conglomerates, earlier said they have opted for a trade sale as part of their drive to dispose of non-core assets. Some of the world's largest private equity buy-out funds are interested in the sale of Polkomtel, two people familiar with the matter told Dow Jones Newswires in June. An information memorandum should be circulated by the end of August, or perhaps even sooner, with a closing potentially in 2010 or the first quarter of 2011, one person had said. According to earlier reports, KGHM and PKN Orlen in May pitched their Polkomtel stakes to Egypt's Orascom Telecom Holding (ORTE.CI). The companies declined to comment at that time. -By Marcin Sobczyk, Dow Jones Newswires; +48 22 447 2432; [email protected] (END) Dow Jones Newswires June 23, 2010 07:27 ET (11:27 GMT)