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Slovak Telekom general meeting votes against dividends payment

Slovak Telekom's majority shareholder Deutsche Telekom decided at a shareholders' meeting held on Thursday, January 19, to again refuse to pay dividends worth €258 million. It was the latest in a protracted series of general meetings in which representatives of the state, which owns 49 percent of the company, have tried to secure payment of an extraordinary dividend from retained earnings. The Slovak Economy Ministry, which holds part of the state's share, said the continued refusal was not justified.

Slovak Telekom's majority shareholder Deutsche Telekom decided at a shareholders' meeting held on Thursday, January 19, to again refuse to pay dividends worth €258 million. It was the latest in a protracted series of general meetings in which representatives of the state, which owns 49 percent of the company, have tried to secure payment of an extraordinary dividend from retained earnings. The Slovak Economy Ministry, which holds part of the state's share, said the continued refusal was not justified.

"Deutsche Telekom approaches Slovak Telekom differently to its shareholdings in other countries. Slovak Telekom has great economic results, no debt, and enough cash for immediate payment of dividends to the Slovak government. Deutsche Telekom's decision is therefore completely beyond all understanding," the Economy Ministry stated, as quoted by the TASR newswire. Slovak representatives at the shareholders' meeting filed a complaint against the decision.

Source: SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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