Telekom sale adviser to be selected next week

The identity of the adviser for the sale of Telekom Serbia will be known next week.

Izvor: B92

Saturday, 13.09.2008.

09:35

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The identity of the adviser for the sale of Telekom Serbia will be known next week. Among the leading contenders are Morgan Stanley and a J.P. Morgan-Erste Bank consortium. Telekom sale adviser to be selected next week Only they meet the tender criteria for the selection of an adviser for the partial privatization of Telekom. Commission officials publicly read out the candidates’ bids yesterday. Morgan Stanley asked for 1.35 percent of the total value of the transaction, while the J.P. Morgan-Erste Bank consortium asked for 1.19 percent. “The idea is to present it to the government by the end of the year, for the government to discuss the privatization strategy, the process of the initial public offers for Telekom. The moment one is accepted, the formal process of preparing an initial public offer begins, which we expect will happen by the middle of next year,” said State Secretary in the Economy Ministry Nebojsa Ciric. Even though early estimates put the market value of the company at between EUR 4-6bn, Ciric said that the advisers would decide the final price. The company’s stock market price will also be set on that basis. “The government’s strategy for Telekom, with the help of the advisers, is to essentially carry out a process of an initial public offer, which will be done partly through the Belgrade stock exchange and partly through London. That will be the first Serbian company with majority state ownership whose shares, we hope by the middle of next year, will be available on the London stock market,” Ciric explained. According to the Economy Ministry, Galenika will be the next company to go through the same process, followed by Belgrade Airport and the EPS electric company.

Telekom sale adviser to be selected next week

Only they meet the tender criteria for the selection of an adviser for the partial privatization of Telekom.

Commission officials publicly read out the candidates’ bids yesterday.

Morgan Stanley asked for 1.35 percent of the total value of the transaction, while the J.P. Morgan-Erste Bank consortium asked for 1.19 percent.

“The idea is to present it to the government by the end of the year, for the government to discuss the privatization strategy, the process of the initial public offers for Telekom. The moment one is accepted, the formal process of preparing an initial public offer begins, which we expect will happen by the middle of next year,” said State Secretary in the Economy Ministry Nebojša Ćirić.

Even though early estimates put the market value of the company at between EUR 4-6bn, Ćirić said that the advisers would decide the final price.

The company’s stock market price will also be set on that basis.

“The government’s strategy for Telekom, with the help of the advisers, is to essentially carry out a process of an initial public offer, which will be done partly through the Belgrade stock exchange and partly through London. That will be the first Serbian company with majority state ownership whose shares, we hope by the middle of next year, will be available on the London stock market,” Ćirić explained.

According to the Economy Ministry, Galenika will be the next company to go through the same process, followed by Belgrade Airport and the EPS electric company.

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