Distribution of free shares in Telekom postponed

Although Director of the Privatization Agency Vladislav Cvetkovic announced in mid-September that free shares in Telekom would be distributed in early November, that is not going to happen, Blic daily learns. Who will announce the distribution of these shares and when it will start is currently the subject of a political game that will be used to score points in a pre-election campaign, Blic cites its unnamed source.

- These shares are among the most valuable free shares given to citizens. That is why they are suitable to be used for the purpose of a pre-election campaign, so that the deadline set by the Privatization Agency will not be met. There is plenty of time until the elections, and the information on the distribution of these shares is expected to be published at the best possible moment - says aforementioned source.

People at the Privatization Agency say that everything is now up to Telekom, whereas people at this company reply that citizens should expect to get free shares.

- The shares will be distributed, all necessary activities are underway - people at Telekom told Blic.

What also speaks in favor of the postponement is the information that the Belgrade Stock Exchange has not yet received Telekom's request for the entrance to the stock exchange. BSE has eight days from the day it receives that request to start trading in the company's shares.

As Blic learns, another reason for the postponement of the distribution of free shares lies in the negotiations with Greece's OTE whose 20-percent stake in Telekom is the subject of interest of the Serbian government. What stands in the way of this acquisition is the price because Greeks ask EUR 560 million for their stake, whereas the state offers EUR 360 million. However, even if no agreement is reached, the citizens of Serbia will still get free shares.