KPN completes cable disposal - to cut debt to EUR13.9bn
6 August 2002 -- Dutch incumbent KPN has sold its Czech cable unit to the the Czech Republic's third-largest cable operator, and now aims to lower its debt from EUR15.4bn to EUR13.9bn, rather than EUR14.5bn, by end-2002.
6 August 2002 -- Dutch incumbent telecoms operator Royal KPN NV has sold its Vision Networks Tsjechie Holding BV cable unit to Betbari Holding (owner of TES Media, the third-largest cable operator in the Czech Republic). This completes KPN's divestment of its cable networks (with the exception of a small network in Poland).
KPN now aims to cut its debt from EUR15.4bn this year to EUR13.9bn by end-2002, rather than the previous target of EUR14.5bn. "The EUR630m was not included in our target for debt reduction for the year," said KPN's Marinus Potman. Shareholder equity will increase by about EUR700m.
KPN's debt grew to more than EUR22bn last year before a EUR5bn rights issue.