13.06.2007. - Press Release: 646 million EURO in the ESCROW account

 

The Escrow agent, Nova Ljubljanska Banka, informed today the Directorate for Privatization that the total amount of the selling price for 65% of the state-owned capital in "Telekom Srpske" a.d. Banja Luka, which is 646 million euros, had been received in the Escrow account.

 

According to the Agreement on the Closing Date, signed earlier by the Director of the Directorate for Privatization, Vladimir Mackic and General Manager of "Telekom Srbija", Drasko Petrovic, the obligation of the Buyer was to pay the full amount of the selling price into the ESCROW account by 13 June. This Agreement stipulated 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.

 

On the Closing Date, 18 June, the Buyer "Telekom Srbija" will submit to the Seller, the Directorate for Privatization, Performance Bond for the amount of 50 million euros, which is the stipulated investment obligation for the First Year of the Business Plan. On the other hand, the Seller, Directorate for Privatization, is obliged to deliver to the Buyer the Ownership Certificate for shares of "Telecom Srpske" from the RS Central Registry of Securities, as well as certain statements and warranties which cover the period from 19 January, the Date of Signing of the Sales Contract, until the Closing Date.

 

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.