OTE: closing credits with «Telekom Srbija»

OTE retires today, definitively from Serbia, the Serbian state giving 20% ​​of the shares available to the telecommunications company «Telekom Srbija» for the amount of 380 million euros.

The agreement was signed at the presidential, mansion between the general director of «Telekom» Branko Radwan and Executive Director of OTE Michael Cham, the presence of President Boris Tadic and Prime Minister Mirko Cvetkovic.

With this acquisition, the Serbian state is owner of 100% shares of «Telekom Srbija».

At the signing ceremony of the agreement, Prime Minister Mirko Cvetkovic stated that both sides come out winners in this transaction.

Mr. Cvetkovic said the Serbian state, acquiring all the shares of «Telekom Srbija» created favorable conditions in the search, future purchasers, while OTE, in a time of economic crisis plaguing Greece, acquiring funds for new investments, as he said.

Satisfied with the transaction said the chairman of OTE Michael Cham, pointing out that Serbia was decided by "a heavy heart" because of economic conditions in Greece.

OTE and Italian «Telecom» took over in 1997 the 49% stake in Serbian telecommunications company, paying 1.56 billion German marks (approximately 700 pp. million).

The Greek company acquired 20% stake and the Italians 29%. The Italian company left in 2003, selling the Serbian state's share for the amount of 195 million euros. The Serbian state in the summer of 2011 provided, in an international tender to sell 51% of the shares, but the auction was canceled after no buyer was found to offer 1.4 billion minimum price set as the Serbian government.

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