The government on Thursday adopted a plan for the second stage of privatisation of Telekom Slovenije which determines that up to 39% of the telco would be sold to a strategic investor in a public tender to be published in July.
The state, which owns 74% of Telekom along with the state funds KAD and SOD, intends to keep a controlling stake of 25% plus one share at this stage, Economy Minister Andrej Vizjak told the press.
A stake of up to 10% will be earmarked for compensation to people who invested in the public telephone network in accordance with the act on the return of investments in the public telecommunications network.
The 39% holding will either be sold in its entirety, or the government may decide to sell one part of the stake first and the second part three years later.
Bidders who will let Telekom enter their ownership structure will take precedence, Vizjak explained, adding that this was a new element compared to the previous strategic guidelines on Telekom privatisation.
The government wants more than just money, it wants the company to develop successfully and expand to regional markets, he added.
The decision to favour bidders who let Telekom enter their ownership structure is crucial if Telekom is to get a partner who will develop the company and upgrade its know-how, products and services, Vizjak said.
Telekom has been seeing a bonanza on the Ljubljana Stock Exchange (LJSE) in the past two weeks, adding over 10% in less than two weeks on speculations that the state might sell a 51% stake.
The stock market floatation in October 2006 was the first stage of privatisation.
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