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Shareholders Endorse Mobitel's Merger with Telekom

Ljubljana, 15 June (STA) - The shareholders of Telekom Slovenije endorsed almost unanimously on Wednesday the merger of the telco's mobile arm Mobitel with the parent company. The merger is to be carried out on 1 July.

The merger of Mobitel, Slovenia's biggest mobile operator, with the state-owned telco is a part of the restructuring process in the Telekom Slovenije group.

The group already carried out a merger of its search engine Najdi.si and IT services company Planet 9 on 1 April as part of the restructuring.

Such mergers have become a global trend, Telekom chairman Ivica Kranjcevic told the session representing 80.13% of the company's capital, adding that this made the companies involved more efficient and competitive.

The management expects an optimisation of costs and a stabilisation of revenues, while the direct financial effects of the merger in the fist four years are estimated at EUR 150m.

Telekom Slovenije chief supervisor Tomaz Berginc added that the supervisors had endorsed the merger as they had been acquainted with all procedures beforehand.

Kristjan Verbic of the VZMD association of small shareholders said that the move opened up a number of questions, while Rajko Stankovic of another association of small shareholders pointed to the numerous positive effects.

Telekom Slovenije is in the majority ownership of the state (52.54%), with the state-owned SOD and KAD funds holding additional 14.25% and 7.36% stakes, respectively.

Individual shareholders own a total 10.17% stake, institutional investors hold a 6.14% stake, while Slovenian and foreign companies own 6.45% and 2.63% stakes, respectively.

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