Based on the Serbian government's conclusion, the Central Securities Registry yesterday transferred free shares in Telekom Srbija, the government announced in a statement

Out of the total of one billion Telekom shares, 6.94% were given to the employees and former employees of that company, whereas the citizens received 15%.

The starting price of these shares on the stock exchange will be EUR 2.27, and each citizen will get 31 Telekom Srbija shares, reads the statement.

On April 20th, the Serbian government adopted the Conclusion on Free Distribution of Telekom Srbija Shares and set the market value of the company's capital at EUR 2.27 billion.

In addition to current and former employees of that company, about 4.8 million citizens should get Telekom shares.

The government put the distribution of free shares on hold in late 2011 due to negotiations with Greece's OTE, which resulted in a transaction making the state of Serbia the sole owner of the largest domestic telecommunication company.

In late 2011 the owners of Telekom Srbija were the Serbian government (80%) and Greece's OTE (20%), whose stake was later acquired by the state for EUR 380 million.

In early 2011, in an unsuccessful tender for the sale of a 51-percent stake in Telekom, the Serbian government asked the minimum price of EUR 1.4 billion for that package of shares, while Telekom Austria, the only bidder, offered EUR 950 million.