The Croatian state is looking to sell a 3.49% stake in incumbent T-Hrvatski Telekom (T-HT) it owns via the Restructuring and Sale Center.
T-HT is majority owned by Deutsche Telekom (DT), which holds a 51% interest. The Croatian War Veterans’ Fund owns…
The Croatian state is looking to sell a 3.49% stake in incumbent T-Hrvatski Telekom (T-HT) it owns via the Restructuring and Sale Center.
T-HT is majority owned by Deutsche Telekom (DT), which holds a 51% interest. The Croatian War Veterans’ Fund owns 7% while the remaining 38.5% are in the hands of institutional and private investors.
The country plans to offload more than 2.8 million shares, which until December last year were owned by the Pensioners’ Fund. The sale price has yet to be determined but based on the company’s share price, currently at Hrk147 (US$26.3), the government could raise approximately US$75m.
A few weeks ago, T-HT CEO Davor Tomaskovic told a local newspaper that the operator was intending to make acquisitions and invest in infrastructure, such as its 4G network, to return to growth.
He did not name specific acquisition targets and, when asked about the privatisation of Telekom Slovenije, said he could not comment on the ongoing process. However, DT is thought to be among the bidders for the Slovenian company.
Tomaskovic said the economic climate and regulatory changes were largely to blame for T-HT’s decreased revenues for Q1 2014. Revenues for the period were down 6.2% to Hrk1.6bn (US$286.8m) from the same period a year ago, while the EBITDA margin remained at 39.2%.
T-HT is the country’s largest telco with around 1.3 million fixed-line customers and 2.4 million mobile customers. Its main rivals are Telekom Austria’s Vip and Swedish-owned Tele2.
