The European Bank for Reconstruction and Development (EBRD) has reportedly expressed interest in acquiring a 30% stake in Kosovan incumbent PTK.
The bank is willing to help modernise the company, local publication Koha Ditore reported.
The Minister…
The European Bank for Reconstruction and Development (EBRD) has reportedly expressed interest in acquiring a 30% stake in Kosovan incumbent PTK.
The bank is willing to help modernise the company, local publication Koha Ditore reported.
The Minister for Economic Development (MED), Blerand Stavileci, confirmed the receipt of a letter from the EBRD but said there are no concrete plans, the report stated.
Stavileci was cited saying the bank has offered financial, professional and technical assistance to help modernise PTK, which also has a postal arm.
Talks are still in the early stages, the minister stressed.
Meanwhile, PTK CEO Agron Mustafa was quoted saying the company has more need for professional and technical assistance than financial at present.
Earlier this month, Ramaden Sejdiu, head of the MED’s Policy and Monitoring Unit of Public Enterprises said the privatisation of PTK will not take place this year as it first needs to be modernised and its value increased.
The previous privatisation process was called off in December 2013 after parliamentarians were unable to agree on the planned sale of a 75% stake.
The Axos Capital-led consortium which had won the tender process with a €277m (US$380m) bid subsequently threatened the government with legal action, describing the decision to scrap the process as “totally unacceptable by any standards”.
The offer from Axos, a Hamburg-based investment firm, and the US’ Najafi Companies well surpassed the sole other bid of €150m (US$206m) by Lebanon’s M1.
The sale, which would have included only the telecoms business, had initially been expected to close in summer 2014.
Fully state-owned PTK is considered to be one of the country’s most profitable companies with over a million mobile subscribers.
An earlier privatisation attempt was cancelled in late 2011 following corruption allegations against senior management.
The EBRD declined to comment, while PTK and the MED were not immediately available.
