Posted by The Staff
on 25 Jan 2011. Filed under Business
, Top news
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Government looks set to sell its stake in Slovak Telekom
Even though Prime Minister Iveta Radicova recently announced that the government would not sell any stakes it holds in companies that are profitable, economy minister juraj Miskova has now announced the strong possibility that Slovakia will sell its stake in main telecommunications provider Slovak Telekom (ST).
Miskova said there was no reason to hold onto the stake in ST as the state should not be deforming the business environment by also doing business. The National Property Fund (FNM) holds a 15% stake in ST, while the Ministry of Economy officially holds an additional 34% in the company.
Three of the four coalition parties (SaS, Most-hid and KDH) have all expressed their backing for the idea. Before making a decision on the privatisation, the Prime Minister is waiting firstly on an analysis from the FNM, due to be presented before the end of the month.
Slovak Telekom posted a nice profit of EUR 147 million in 2009, so the government will have to decide if a one-off revenue from its sales balances out against regular dividends from profit.