RPT-UPDATE 1-Polish cable TV operator plans Warsaw bourse comeback

Wed Mar 26, 2014 3:47am EDT

* Multimedia Polska says plans Warsaw bourse return in Q2

* To offer 49.2 pct of existing shares

* UBS to coordinate the offer, estimated to be worth up to $329 mln (Repeats to additional subscribers)

WARSAW, March 26 (Reuters) - Poland's No.3 cable operator Multimedia Polska confirmed it wants to return to the Warsaw bourse in the second quarter, with a sale of up to 49.2 percent of existing shares, the company said on Wednesday.

UBS is the sole global coordinator, with UniCredit and Raiffeisen Centrobank acting as joint leads in the share offer, which Reuters sources earlier this month estimated at up to 1 billion zlotys ($329 million).

Multimedia, which provides digital television, broadband, fixed-line and mobile services to around 826,000 customers in Poland, is controlled by co-chairmen Tomek Ulatowski and Ygal Ozechov, who delisted the group in 2011.

A subsequent search for a buyer failed and Multimedia, which controls 18 percent of the Polish cable TV market, itself lost out on takeover deals that could have lifted it to the top of a market now led by Liberty Global's local unit UPC.

Together with UPC and Vectra - the market's No.2 - Multimedia controls 70 percent of Poland's cable market spanning around 400 players.

Technology and ownership changes have blurred the lines between sections of the Polish telecoms, media and technology sector, with cable operators facing growing competition from pay-TV platforms and telecoms firms.

Multimedia's revenue rose 2.0 percent last year to 699 million zlotys and adjusted net profit was 71 million. ($1 = 3.0409 Polish Zlotys) (Reporting by Adrian Krajewski; Editing by Erica Billingham)

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