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Tele Danmark’s profits skyrocket

COPENHAGEN — Danish state telecommunications monopoly Tele Danmark A/S Wednesday reported a hefty profit rise ahead of its partial privatization through the biggest stock issue in Denmark’s history.

Net profit rose to $ 235.4 million from $ 138 million on turnover of $ 2.46 billion, up from $ 2.36 billion.

Pretax profit surged to $ 363.7 million from $ 206 million in 1992.

“Tele Danmark’s turnover and net profit is expected to continue to develop in a positive way,” said a forecast accompanying the 1993 result.

Earlier this month the Danish parliament passed a bill under which the state will cut its stake in Tele Danmark to 51% from 89.9% during the first half of this year.

Prospectus on the way

Market sources expect a prospectus to be revealed next week. A date for the listing of the company on the Copenhagen and New York stock exchanges has not been set, but April 28 has been mentioned as a possibility by the head of the Copenhagen bourse.

Danish Bank Den Danske Bank A/S, the global coordinator of the issue together with U.S. investment bank Goldman Sachs, has forecast in an analysis Tele Danmark net profit will rise to $ 359.2 million in 1994.

Den Danske Bank said it expected the issue to raise more than $ 2.87 billion in capital.

The sale of 49% of the group’s share capital, including a 10% privately held stake that has been redeemed by the state and sold to Tele Danmark, will be by far the biggest issue in Danish history.

$ 6 bil value

Including the 51% stake of A-shares which would still be held by the state, the total stock market value of Tele Danmark would be $ 6.04 billion, according to the analysis.

In terms of bourse value, Tele Danmark would become Denmark’s second-biggest company after the privately controlled A.P. Moeller shipping and oil group.

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