Slovak Telecom becomes joint stock company

Slovak Telecom (ST), the state-owned fixed telephony monopoly, was transformed into a joint stock company with 100% of shares owned by the state, the Ministry of Transport, Post and Telecommunications said on December 30. ST had been preparing for this transformation since a 1995 government resolution. The newly formed ST joint stock company is now preparing for the entrance of a strategic partner, probably a large European operator with significant financial means and know-how. ST's monopoly on the Slovak market expires in 2003, and the company has repeatedly urged the ministry to approve its transformation without delay, in order that upgrades can be made in time to meet the competition.