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Poland's Multimedia plans bourse comeback in Q2-sources
March 4, 2014 / 2:45 PM / 4 years ago

Poland's Multimedia plans bourse comeback in Q2-sources

WARSAW, March 4 (Reuters) - Poland’s No.3 cable operator Multimedia wants to return to the Warsaw bourse with a share offering worth up to 1 billion zlotys ($328 million) in the second quarter of this year, two sources familiar with the matter told Reuters.

The group, which controls 18 percent of the Polish cable market, plans a comeback two years after it was delisted and after attempts to find an investor stumbled over price.

“Multimedia’s owners may put a less-than-half stake on the block, valuing the offer at less than 1 billion zlotys,” one of the sources said.

Multimedia, which provides digital television, broadband, fixed-line and mobile services to around 826,000 clients 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 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 also from pay-TV platforms and telecoms firms.

Multimedia’s revenue rose 2.0 percent last year to 699 million zlotys and adjusted net profit reached 71 million.

A spokesman for the company was not immediately available for comment. ($1 = 3.0502 Polish zlotys) (Reporting by Adrian Krajewski; Editing by David Holmes)

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