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HomeNews Macedonian Government to Sell Shares in Makedonski Telekomunikacii
Macedonian Government to Sell Shares in Makedonski Telekomunikacii
In the eve of the electoral campaign Macedonian Government is going to sell 45.1% shares in Makedonski Telekomunikacii (MakTel) at the stock exchange and expects to earn 275 million euros. At the Macedonian stock exchange the Government will offer four packages with 9.9% shares each to financial investors, while 5.5% shares will be offered to all interested entities. Government will keep 2% state-owned shares.
Initial price of a share will be 6.35 euros. It is determined based on the estimation of the total MakTel capital performed according to the financial balance for 2005 and business plan for 2006. Consulting house “B&Lj” estimates that MakTel worth is 609 million euros.
“The state does not intend to remain big shareholder in MakTel since it should regulate the telecommunication market and a competition is expected in this sphere,” said Fatmir Besimi, Minister of Economy.
The sell of the state-owned shares was demanded by the European Union, World Bank and International Monetary Fund, and they were pressing the Government to sell its shares in order to create conditions for liberalisation of the Macedonian telecommunication market that would give benefit to the citizens.
The Government has not yet decided whether to offer the four packages at once or gradually. One buyer can buy only one package, but it is not prohibited to sell it to other shareholder. The Government has not decided how the money will be spent. Minister Besimi expects the sell to be performed before the electoral campaign when selling state-owned capital is forbidden.
“Selling shares at the stock market is the most transparent procedure and the most competitive price can be reached. Packages will not be offered to the known buyer. The sale will be announced in the foreign media in order to attract foreign companies to bid. With the offer of 5.5% shares our idea is each interested citizen to be able to buy shares in the MakTel,” added Besimi.
Such division of the state capital in MakTel is due to several restrictions provided in the Agreement between Macedonia and Magyar Telecom. The Government must not sell more than 10% shares at once to one buyer without prior Hungarian consent. The shares must not be sold to a MakTel’s rival company.
Minister Besimi said that at the session the Government did not discuss whether the 2% shares that will remain to the Government will be given to the MakTel’s employees.
The court recently decided that the employees do not have the right to 2% shares given to them by the Government of Ljupcho Georgievski in August 2002. The court argued that the decision is not executable since it had not been published in the Official Gazette. These shares were guaranteed to the employees with the Agreement between the Republic of Macedonia and Magyar Telecom.
