IN SHORT

No dividends from Slovak Telekom's 2005 profit

SLOVAKIA'S dominant, fixed-line telecom operator, Slovak Telekom (ST), will hold on to Sk1.4 billion from last year's after-tax profit in retained earnings, the company's shareholders decided.

Aggregate retained earnings thus will reach Sk6.1 billion, the SITA news wire wrote. The general assembly adopted the decision at the end of April despite the fact that two of the ST's shareholders tried to achieve a dividend payout.

"We tried to achieve a dividend payment from retained earnings for 2005 and for the previous accounting periods, but we failed since the majority shareholder outvoted us. However, one day the ST's profit must be distributed, and we will try to do so at the highest possible extent and as soon as possible," Transport Ministry representative Vladimír Drozda told SITA. The ministry has a 34-percent stake in ST.

The National Property Fund (FNM), the state privatisation agency, owns another 15 percent, while Deutsche Telekom controls a 51-percent majority stake in ST.

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