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Slovak Government to Sell Stake in National Telecoms Operator

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The Slovak government has announced plans to sell its 49% stake in Slovak Telekom through a stock market listing.

Deutsche Telekom, which owns the other 51% stake in the company following a previous privatisation had approved the deal to seek a local listing.

The German firm also has a right of first refusal on the shares, and has not yet said if it will exercise its right to increase its stake in the compamny.

The floatation is due to take place later this year.

"Now advisers and investment banks will be selected, and the state can sell its stake through an initial public offering within nine months," the country's Economy Minister Tomas Malatinsky said in a statement.

The Ministry of Economy holds 34 percent and the National Property Fund holds 15 percent. Deutsche Telekom bought its 51% stake in 2000.

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Tags: slovak telekom  Slovakia