LOT Sells WBK Shares

On December 7th LOT Polish Airlines sold 2.78 per cent of its Bank Zachodni WBK shares for the sum of 91.35 million Zloty. The shares sale transaction had received prior consent of the State Treasury; the acquired proceeds will be earmarked for LOT current activities.

The WBK shares committed by the State Treasury on October 30th, 2001 together with 2.4 per cent of Pekao SA shares as contribution capital, allows for the argumentation of LOT initial capital. A new shares issue by LOT has been accepted in its entirety by the State Treasury, which in this manner has become the shareholder of 67.96 per cent of the carriers shares; 25.1 per cent of LOT shares is owned by the Swiss holding SAirLines B.V. while the remaining 6.94 per cent is in the hands of LOT Polish Airlines employees.