Minister: Telekom to hand out shares

Next year, citizens could receive gratis shares from Serbia's telecommunications monopoly Telekom, officials have hinted.

Izvor: B92

Sunday, 04.11.2007.

19:11

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Next year, citizens could receive gratis shares from Serbia's telecommunications monopoly Telekom, officials have hinted. Deputy Prime Minister Bozidar Djelic said Saturday that the move, which is allegedly to include other public sector giants at a later date, would be followed with another enabling citizens to buy their stock, providing these companies with cash for further investment. Minister: Telekom to hand out shares But none of the largest public enterprises, including power company EPS and Oil Industry of Serbia, NIS, are yet listed in the stock market. NIS plans to make this move in two years, after acquiring a strategic partner. EPS, on the other hand, is ready to follow suit in four years' time. Experts have in the meantime warned that the Belgrade Stock Exchange (BSE) is running out of quality securities, affecting its trading and performance. Unofficial information says that some four million Serbian citizens could be eligible to receive free shares. A significantly lower number will also be entitled to buy them at privileged prices once they appear in the market. As things stand now with the government strategy, citizens will be able to buy a maximum amount of stock worth EUR 5,000, similar to the Croatian model which saw Telekom Croatia IPO turn 360,000 people into this public company's shareholders. Careless free distribution of shares in eastern European countries has in the previous period led to the so-called tycoonization, with wealthy individuals and companies acquiring large enterprises for token sums in the first wave of gratis handout of shares.

Minister: Telekom to hand out shares

But none of the largest public enterprises, including power company EPS and Oil Industry of Serbia, NIS, are yet listed in the stock market.

NIS plans to make this move in two years, after acquiring a strategic partner. EPS, on the other hand, is ready to follow suit in four years' time.

Experts have in the meantime warned that the Belgrade Stock Exchange (BSE) is running out of quality securities, affecting its trading and performance.

Unofficial information says that some four million Serbian citizens could be eligible to receive free shares. A significantly lower number will also be entitled to buy them at privileged prices once they appear in the market.

As things stand now with the government strategy, citizens will be able to buy a maximum amount of stock worth EUR 5,000, similar to the Croatian model which saw Telekom Croatia IPO turn 360,000 people into this public company's shareholders.

Careless free distribution of shares in eastern European countries has in the previous period led to the so-called tycoonization, with wealthy individuals and companies acquiring large enterprises for token sums in the first wave of gratis handout of shares.

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