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Bids for Telekom Srbija privatisation advisor to be publicly opened
Belgrade,
12 September 2008
State Secretary of the Ministry of Economy and Regional Development Nebojsa Ciric said that the public procurement commission selected consultancy companies for privatisation advisor for Telekom Srbija.
Ciric said that the two companies are Morgan Stanley and a consortium of J.P. Morgan Security and Erste Bank.
The consortium of J.P. Morgan Security and Erste Bank asked for 1.9% of the total value while Morgan Stanley asked for 1.35%, he announced.
Both bidders accepted the conditions from the tender documentation that their fixed remuneration is €250,000.
The selected advisor should come up with a strategy for Telekom’s partial privatisation by the end of the year, he said.
Ciric said that trade in Telekom shares at the stock exchange might begin in the second quarter of 2009, adding that the shares will be sold on the Belgrade and London stock exchange markets and that the state will retain a majority shareholding.
The initial public offer of Telekom shares is the first of its kind in Serbia, recalled Ciric and noted that the next public company to get a privatisation advisor will be pharmaceutical company Galenika, followed by airport Nikola Tesla and electric power industry Elektroprivreda Srbije.
In the first half of 2008, Telekom Srbija made a profit of RSD 8.1 billion, which is 2% less than in the same period in 2007. Telekom ended last year with RSD 75 billion in revenues and RSD 11.5 billion in profit, which is 22.6% less than in 2006.
Through public postal company PTT Srbija, the state of Serbia owns 80% of Telekom shares, while Greek company OTE owns the remaining 20%.
The consortium of J.P. Morgan Security and Erste Bank asked for 1.9% of the total value while Morgan Stanley asked for 1.35%, he announced.
Both bidders accepted the conditions from the tender documentation that their fixed remuneration is €250,000.
The selected advisor should come up with a strategy for Telekom’s partial privatisation by the end of the year, he said.
Ciric said that trade in Telekom shares at the stock exchange might begin in the second quarter of 2009, adding that the shares will be sold on the Belgrade and London stock exchange markets and that the state will retain a majority shareholding.
The initial public offer of Telekom shares is the first of its kind in Serbia, recalled Ciric and noted that the next public company to get a privatisation advisor will be pharmaceutical company Galenika, followed by airport Nikola Tesla and electric power industry Elektroprivreda Srbije.
In the first half of 2008, Telekom Srbija made a profit of RSD 8.1 billion, which is 2% less than in the same period in 2007. Telekom ended last year with RSD 75 billion in revenues and RSD 11.5 billion in profit, which is 22.6% less than in 2006.
Through public postal company PTT Srbija, the state of Serbia owns 80% of Telekom shares, while Greek company OTE owns the remaining 20%.
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