Multimedia Polska valued at PLN2,000m

May 15, 2014 12.17 Europe/London By Julian Clover

poland_warsaw_stock_exchange_03_hMultimedia Polska is to offer PLN950 million(Ä226.9 million) worth of shares when it goes to the market on Friday. The offer price of PLN21 per share will be open to individual investors between May 16 and 28, while institutional investors will have to wait until May 29 with the placing slated to close on June 2.

Polandís third largest cable operator is offering 49.2% of its share capital, placing a value on itself in the region of PLN2,000 million.

Earlier attempts to find a buyer for part of the company had failed.

The existing shareholders are Multimedia: M2 Investments Limited, Tri Media Holdings Limited, Dunaville Trading Limited and Collegium Anetta Kolasinska and Partners.

Multimedia Polska made its debut on the Warsaw Stock Exchange on November 13, 2006. However, in November 2011, it was decided to withdraw the shares from trading.

In the first three months of 2014 Multimedia Polska saw revenues drop to PLN 175.7 million from PLN 176.9 million a year earlier.

Operating profit also fell to PLN34.0 million from PLN34.2 million.

As of March 31, the company had 1.56 million RGUs, including 681,006 for its TV services, split evenly between analogue and digital subscribers. 76,828 subscribers take premium channels.