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The Government of the Republic of Serbia

In the service of citizens

Two options for distribution of free shares to public employees

Belgrade, 26 November 2007

Serbian Minister of Economy and Regional Development Mladjan Dinkic said today that it is planned that employees and former employees in the companies that are being privatised be given free shares in the amount of 2.5% of the company's market value, but not less than €200 per employee's year of service.

Mladjan Dinkic addresses the media

Author: Fonet

Speaking at a press conference held after a meeting with representatives of Serbian trade unions to whom he presented a modified concept of privatisation of public companies and free distribution of shares, Dinkic explained that public employees will have another option as well.

In case they decide not to take free shares, they will receive a bonus in the form of a one-off payment to be released after privatisation of their company is completed. The amount of that bonus would differ from company to company, and it is envisaged that for that purpose the Serbian oil industry NIS should receive €100 million, Serbian electric power industry EPS €220 million, Telekom €160 million, national air company JAT €11 million, Galenika €17 million and the Nikola Tesla airport €4 million. According to Dinkic, the right to free distribution of shares will be given to all citizens of age who will turn 18 before December 31 this year, and have not acquired the right to free shares under previous regulations.

The right to free shares will also be given to those displaced temporarily from Kosovo-Metohija. Citizens will be given the right to trade in shares within six months from the day the market price for these shares is set either at stock exchange or tender, while public employees will acquire that right within three months.

He said that Telekom shares should be on the market in the fourth quarter of the next year. Shares of Galenika in the first quarter of 2009, the Nikola Tesla Airport in the third quarter of 2009 and of EPS in the first quarter of 2010, he added.

Dinkic said that right to free shares belongs to employees and former employees of NIS, employees in Transnafta and Srbijagas, Telekom employees working in the postal department, and EPS employees in Serbian electric network company.

Shares will be distributed among all citizens in an equal amount regardless of age or years of service, and it is envisaged that all citizens of age get proceeds from sale of shares which are in the privatisation register, Dinkic said.