Latvian govt to make final decision on selling Lattelecom, LMT stakes on Nov 6 |
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Wed, 17 Oct 2007 10:16
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RIGA (Thomson Financial) - The Latvian government is set to make the final decision on selling its stakes in Lattelecom and Latvijas Mobilais Telefons (LMT) on Nov 6, said transport minister Ainars Slesers.He said the state might earn 435 mln lats (618 mln eur) from the privatisation of the two telecoms, up from earlier estimates of 420 mln lats.Slesers added all the necessary documents and agreements will be prepared by Nov 6, to be coordinated with TeliaSonera, which has stakes in both Lattelecom and LMT.'Now the work at the documents should be done and all involved parties should agree,' he said.TeliaSonera holds 49 pct in Lattelecom and the Latvian state holds the remaining 51 pct at present. TeliaSonera also holds 49 pct of LMT.Under the terms of the privatisation deal, the management and employees of Lattelecom will acquire 100 pct of the company's stock from TeliaSonera and the Latvian government.TeliaSonera would then receive the rights to purchase 23 pct of the shares in LMT belonging to Lattelecom and the Latvian government's 28 pct stake.Since TeliaSonera has agreed to the proposed privatisation model, Slesers said there will be no auction for the stakes.tf.TFN-Europe_newsdesk@thomson.comvlb/ms1COPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Latvian economy headed for 'soft landing' - finance minister 