1/31/2008

Poland's BRE Bank to book 139 mln zlotys in Q1 pre-tax profit from share sale

WARSAW (Thomson Financial) - Polish mid-sized lender BRE Bank has sold a 20 pct stake in cable TV operator Vectra for 264 mln zlotys and will book pre-tax profit of 139 mln zlotys from the transaction in the first quarter, the company said in a statement.

'After several years of working with Vectra, the time had come when the bank wanted to realise the profit from this transaction,' PAP state news agency quoted BRE Bank financial investment director Michal Popiolek as saying in the statement.

According to its website, Vectra is Poland's second largest cable operator, covering some 115 towns and 645,000 households.

Source: By Paweł Sobczak, forbes.com



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