The Serbian government has drafted a three-year timetable for the privatisation of its six most valuable public companies, hoping to attract billions of dollars in new investment and boost future economic growth. The draft, as reported by Reuters, sets out new plans for amongst others the oil, power and fixed line telecoms monopolies, and is expected to be approved by mid-December. The government believes the privatisations could net it as much as USD6 million-USD8 million in foreign investment by 2010 and help the country achieve economic growth of between 7%-9% a year. Under the plans a 14% stake in Telekom Srbija will be sold via an initial public offering (IPO), to be held in 2008.
According to TeleGeography’s GlobalComms database 49% of Telekom Srbija was privatised in June 1997, when STET (now Telecom Italia) acquired 29% and OTE of Greece 20%. In February 2003 the Italian company sold its shares back to the Serbian government, leaving Telekom 80% state-owned.