TDC to assume full control of Contactel?

7 May 2003

The future ownership of financially-troubled Czech telco Contactel remains undecided following a statement from existing 50% shareholder Ceske Radiokomunikace that it has no plans to invest any further funds into the company. Last week Contactel said that its shareholders had agreed a CZK800 million basic capital increase, but refused to go into further detail. However, Ceske Radiokomunikace has since gone on record to say that its share would fall to 40% following the deal, with many analysts believing it wants to divest its shareholding completely. This would leave the way open for Contactel’s other current 50% shareholder, Danish operator TDC, to take full control of the company. TDC has an option to buy out Ceske’s stake, but has refused to comment on its plans.

Czech Republic,

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