The management of KGHM fixed line telecom subsidiary reiterated plans of listing the company on Warsaw Stock Exchange by spring 2008. Dialog targets strong organic growth in 2007 on the back of competition enhancing measures introduced by the telecom watchdog. The management gave no indication of its M&A plans.
Our view: We would not expect any major stock impact of the news. We note that earlier, the Dialog listing has been targeted for autumn 2007. Apart from that, we would be optimistic on Dialog reaching its expansion targets, owing to abundant funding.