Polish state-owned railway company PKP has suspended the sales process for TK Telekom for about six months, saying offers received were unsatisfactory.
Announcing the news in a release, PKP president Jakub Karnowski said the company is not prepared to…
Polish state-owned railway company PKP has suspended the sales process for TK Telekom for about six months, saying offers received were unsatisfactory.
Announcing the news in a release, PKP president Jakub Karnowski said the company is not prepared to privatise the telecoms unit at any cost, but aims to sell it at the “maximum affordable price”.
PKP has previously said it hoped to complete the sale of its 47.91% stake in the company by the end of the 2012. It held parallel negotiations with Polish telco Netia, central and eastern European telco GTS and a consortium of Hawe and IT Polpager for several months.
In today’s release, PKP said it has decided to restructure TK Telekom, one of Poland’s largest backbone network operators, to better meet the needs of investors who represent the telecoms industry and thereby increase its valuation.
The restructure will see it isolate the telecoms equipment and network construction part of the business, the release stated.
PKP said it intends to resume the sales process within six months.
The Polish state treasury owns the remaining 52.09% stake in TK Telekom.
