Citigroup Global Markets submitted bid to become adviser in sale of Telekom

- The only bid on the tender for selection of adviser in the process of sale of state-owned shares in Telekom Srbija has been submitted by the consortium led by U.S. Citigroup Global Markets - Serbian Ministry of Finance announced today (May 10, 2010).

The tender for selection of adviser in the sale of state-owned shares in Telekom was announced on April 12. All investment banks that carried out at least one transaction, worth over EUR 500m, involving the telecommunication companies from Europe, the Near East or the Commonwealth of Independent States in the last three years were free to bid on the tender.

Serbian Government owns 80% of Telekom Srbija's shares. Remaining 20% of shares are in the possession of Greek company OTE, 30% of which are owned by Deutsche Telekom.

According to some earlier announcements from the Government of Serbia, it is expected that the tender for sale of a part of Telekom Srbija's shares will be announced in late summer or early autumn 2010.