08.06.2007. - Press Release: Telekom – Agreement on the Closing Date

 

Director of the Directorate for Privatization, Vladimir Mackic and General Manager of "Telekom Srbija", Drasko Petrovic, signed today the Agreement on the Closing Date, defining 18 June as the Closing Date of the transaction in accordance with the Contract on Sale of the state-owned capital in "Telekom Srpske" a.d. Banja Luka.

 

As stipulated by the Agreement, the Buyer "Telekom Srbija" is obliged to pay the total amount of the selling price, 646 million euros, into the ESCROW account, no later than 13 June 2007.

 

On the Closing Date, 18 June, the buyer "Telekom Srbija" will submit to the Seller, the Directorate for Privatization, the Performance Bond and make the payment in the amount of 50 million euros, which is the stipulated investment obligation for the First Year of the Business Plan. On the other hand, Seller is obliged to deliver to the Buyer the Certificate of Correctness and Truthfulness of the Statements and Warranties of the Seller, as well as the Certificate on Non-existence of the Significant Adverse Changes in the Business Operations of the Company in the period between the signing of the contract and the Closing Date. Also, the Seller, the Directorate for Privatization will deliver to the Buyer the Ownership Certificate for shares of "Telecom Srpske" from the RS Central Registry of Securities.

 

Concurrently with delivery of the Shares Ownership Certificate to "Telekom Srbija", the Buyer and the Seller will sign the Announcement of Transfer which serves as the order to the Escrow agent to carry out the transfer of the selling price amounting to 646 million euros into the Seller's account.