Telekom Srbija buys out OTE stake
Telekom Srbija and Greek OTE company signed Friday in Athens a contract to buy off 20 percent of Telekom shares, worth EUR 380mn.
Friday, 30.12.2011.
13:10
Telekom Srbija and Greek OTE company signed Friday in Athens a contract to buy off 20 percent of Telekom shares, worth EUR 380mn. This was OTE's total share in Telekom, Serbia's state-run telecommunications company. Telekom Srbija buys out OTE stake The transaction will be completed by the end of the first quarter of 2012, according to the contract. Based on Telekom's decision on the 2011 profit distribution, which states that shareholders are entitled to 50 percent of the profit, the Greek company should get EUR 17mn, while the Serbian government should get EUR 68mn in temporary dividends for the fiscal 2011. Telekom Srbija Director Branko Radujko and OTE CEO Michael Tsamas signed the contract. Radujko stated it was an important day for both companies and thanked Tsamas and his team for OTE's investment in Telekom, 15 years of partnership and contribution to the company's development. "As far as Telekom is concerned, we face a transformation into an open stock company, distribution of free shares, further professionalization of management and efficient implementation of our business strategy focused on our users and the market," Radujko stressed. Tsamas agreed that the contract was beneficial to both sides and thanked the Telekom management and employees for their cooperation and excellent results. “The sale of the shares to Telekom will affect positively OTE's cash flow, and it is a part of the company's strategy to reduce its net debt,” Tsamas added. Tanjug
Telekom Srbija buys out OTE stake
The transaction will be completed by the end of the first quarter of 2012, according to the contract.Based on Telekom's decision on the 2011 profit distribution, which states that shareholders are entitled to 50 percent of the profit, the Greek company should get EUR 17mn, while the Serbian government should get EUR 68mn in temporary dividends for the fiscal 2011.
Telekom Srbija Director Branko Radujko and OTE CEO Michael Tsamas signed the contract.
Radujko stated it was an important day for both companies and thanked Tsamas and his team for OTE's investment in Telekom, 15 years of partnership and contribution to the company's development.
"As far as Telekom is concerned, we face a transformation into an open stock company, distribution of free shares, further professionalization of management and efficient implementation of our business strategy focused on our users and the market," Radujko stressed.
Tsamas agreed that the contract was beneficial to both sides and thanked the Telekom management and employees for their cooperation and excellent results.
“The sale of the shares to Telekom will affect positively OTE's cash flow, and it is a part of the company's strategy to reduce its net debt,” Tsamas added.
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