CIRIC: Telekom shares on the stock exchange in late summer 2011

(Nebojsa Ciric)

Serbian Minister of Economy Nebojsa Ciric said Thursday that the citizens would receive free shares of Telekom Srbije within next two months and that the trading in Telekom shares on the stock exchange could start in summer.

Ciric said to the press that, since the tendering procedure for the sale of Telekom had been unsuccessful, the priority of the government and the company's management should be the distribution of free shares to citizens and former and current employees of Telekom.

- I think we will be able to distribute free shares to former and current employees of Telekom and citizens, about 4.8m of them, over the next two months - Ciric said after the ceremony at which the Chinese company Huawei granted awards to the best students of five faculties in Serbia.

According to his words, Telekom will in that way get new shareholders - the citizens of Serbia, who will then be able to dispose of their shares freely.

- I believe that the trading in Telekom shares on the stock exchange will be intensive and expect the citizens to be satisfied with the received shares - said Ciric.

Ciric said that the minimum price of individual shares of Telekom would depend on the "estimated value" of that company, which was used when determining the minimum value of 51 percent of shares of EUR 1.4 billion.