Postal and Telecommunications Company (PTT) took over 70% of Mobtel

Government of Serbia have decided unanimously to service debts of Mobtel in order to take over majority packages of stocks of that company without the decision of the Court of Arbitration in Zurich. According to this plan, Postal and Telecommunications Company (PTT) will become majority owner of Mobtel with 70% of stocks instead of former 49%. Namely, according to the announcement of the Government of Serbia, the agreement is given on the decision of the Administrative Board of Public Company PTT on takeover of debts of €91.3m Mobtel owes to two Austrian banks – Raiffeisen and Hypo Alpe Adria.

In this way, PTT will become the biggest creditor of Mobtel, which is of the national interest. Also, Serbia will be able to turn its claims into capital and, thus, increase its majority share in the assets of that company. It is pointed out that, along with the debts, PTT will get all side rights, among which is the right to use of all equipment of Mobtel. The value of that equipment is three times bigger than the amount of the credit. The Government will soon issue license for new mobile operator.