"Telekom Srbija" to take over "Telekom Srpske" prior to June 10

It is expected that "Telekom Srbija" will definitely take over 65% of stocks of "Telekom Srpske" prior to June 10, maybe few days later – said Predrag Ćulibrk, the Manager of the Strategy Sector of Belgrade-based company.

He pointed out that holding of the meeting of stockholders of "Telekom Srpske", on Saturday in Banja Luka, was the last condition for takeover of 646m EUR worth of 65% of stocks of that company.

- Signing of the contract between "Telekom Srbija" and "City bank" will take place on May 30, 2007, which will be followed by the closing of the process, in accordance with the sales contract, and with the realization and payment of 646m EUR, in full amount, to the account of the Government of Republic of Srpska – Ćulibrk explained.

As far as development and introduction of new technologies in “Telekom Srpske” are concerned, Ćulibrk said that the intensive development of landline and mobile telephoney and broadening of the network to the territory of the Federation of BIH was in the pipeline.

New General Manager of "Telekom Srpske" will be elected when "Telekom Srbija" takes over 65% of the stocks of that company – said Ćulibrk and explained that the new Administrative Board of the company would be formed first and it would nominate a person for manager.