A new tender for the arranger of the sale of the state's 36% stake in Globtel GSM, a mobile phone operator, will not be announced before a revision to the large-scale privatization law is passed, says the Economy Ministry.
Ministry spokesman Maroš Turek said on August 30 that a commission is currently being formed to coordinate the selection of the arranger. The commission will include representatives of the corruption watchdog Transparency International Slovensko (TIS), which was invited for the preparation of the tender.
The original tender, won by Credit Lyonnais, was annulled because the winner failed to meet several conditions set by the Economy Ministry before the final contract was signed. Credit Suisse First Boston, which placed second in the tender, was also not willing to sign the contract, which required the bank to guarantee a bridging loan amounting to 50% of the price of the Globtel stake. The tender was annulled in mid-July.
The government, through the Economy Ministry, controls its 36% stake through several state-controlled public utility companies - natural gas supplier SPP, energy generator SE and three regional electricity distribution firms.
The biggest stake in Globtel is held by France Telecom Mobiles International, while the Slovak company Slovtel controls the remaining 29%.