Polish cellular phone firm gets DEM 805 mln loan
March 25, 1998 02:27 PM
WARSAW, March 25 (Reuters) - A consortium of Deutsche Bank AG London and Bank Handlowy on Wednesday granted an 805 million mark ($440.5 million) loan to Polish GSM digital mobile telephone operator Polkomtel SA, PAP news agency reported.
Handlowy earlier said its part of the loan would amount to 300 million zlotys while Deutsche was to contribute 660 million marks. The loan for modernisation and expanding Polkomtel's network is to be repayed by 30 June, 2006.
"This is the largest ever credit granted in Poland's post-war history to a private Polish firm without government guarantees " PAP quoted Polkomtel president Wladyslaw Bartoszewicz as saying after a loan agreement was signed.
Polkomtel, which markets its products under the name Plus GSM, is one of Poland's three cellular telephone operators.
It is a consortium grouping Danish Tele Danmark , U.S. AirTouch Communications ATI , Polish copper and silver producer KGHM and oil refinery Petrochemia Plock.
Each of the firms hold 19.25 percent of Polkomtel's shares while Poland's National Power Grid (PSE) holds 11.5 percent.
Polkomtel, which had more than 260,000 subscribers last year, plans to provide service on about 80 percent on Poland's territory by the end of this year.
((Warsaw Newsroom, tel. +48 22 653 9700, fax +48 22 653 9780, warsaw.newsroom@reuters.com)) ($ = 1.827 German Marks)
REUTERS |
