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State unblocks share dividends issue

THE SLOVAK state has managed to persuade the German company Deutsche Telecom to stop blocking the dividends it owes Slovak Telecom shareholders, the daily SME reported.

The Transport, Telecommunications and Post Ministry, as well as the Slovak National Fund, managed to push through a decision for Slovak Telecom to pay dividends amounting to Sk4.3 billion (€109 million). Of the total sum, the state should recieve more than Sk2.1 billion (€53 million).

Prior to the meeting Deutsche Telecom had decided to block the dividends proposal. The ministry and the Slovak National Fund announced that if Deutsche Telecom wouldn't agree to the deal it would sell its shares.

The state's reasoning was that the existing shares dividend policy would not bring any advantages to the state as a shareholder.

However, Transport Minister Pavol Prokopovič met with Karl-Gerhard Eick, a member of DT's board of director's on June 13, and resolved the matter.

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