COMMUNICATIONS provider Slovak Telekom said yesterday it was moving towards privatisation as the Slovak Republic seeks to unload its share in the company.
The Slovak Republic, owning 49 per cent of Slovak Telekom via its agency the National Property Fund, intends to offer its entire stake on the London and Bratislava stock exchanges. Neither the date of the listing nor the share price has been announced.
Co-owner and communications giant Deutsche Telekom, intends to hold on to its 51 per cent stake in Slovak Telekom.
Slovak Telekom provided a service for 2.22m customers in 2014, with 1.163m fixed subscribers. For the year ending 31 December, its pre-tax profit crept up 1.1 per cent to €70.96m (£51.6m) compared with 2013, despite revenue falling five per cent.
“The IPO will mark an important next step in our development and bring greater visibility to the value we intend to create,” said chief executive Miroslav Majoros.