Orlen may delay Polkomtel, Anwil exits-report

Poland's leading refiner PKN Orlen PKNA.WA may delay the sale of its stake in mobile operator Polkomtel and petrochemicals arm Anwil due to weak market condtions, its chief executive was quoted as saying on Monday.

State news agency PAP quoted Jacek Krawiec as saying in Orlen's internal bi-weekly magazine it would be hard to get a satisfactory price for these assets this year.

"Due to the current situation Polkomtel and Anwil sales are in question," Krawiec said. "As we have often said, the exits will happen only if we receive attractive prices, and that could be difficult this year."

Orlen recently raised its stake in Poland's No. 2 cellphone operator Polkomtel to nearly 25 percent from 19.6 percent, but reiterated that it was determined to ultimately exit the investment.

Other shareholders of Polkomtel include copper miner KGHM KGHM.WA, unlisted energy producer PGE, and British mobile giant Vodafone (VOD.L).

Analysts say Vodafone, which also increased its Polkomtel stake, would be a natural buyer in case any of the Polish shareholders were to exit.

Orlen has an 85 percent stake at chemical maker Anwil.

The company's shares were flat in late afternoon trade, while Warsaw's WIG20 index .WIG20 rose 1.9 percent.
Source: By Patryk Wasilewski,Rupert Winchester

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