Press Releases

Budapest, February 23, 2004 11:00

Matáv's Macedonian subsidiary, Makedonski Telekomunikacii (MakTel) held its Annual General Meeting and among other items it has made decisions on dividend payment and personnel changes.

At MakTel's Annual General Meeting it was decided that the company will pay a dividend of MKD 2.5 billion (HUF 10.7 billion) after the profit of year 2003. According to Macedonian Accounting Standards (MAS), MakTel on a standalone basis recorded a net income of MKD 2.6 billion for the year 2003 (MakTel Group, according to IFRS, recorded a net income of MKD 5.4 billion for the year 2003).

The receivers of the dividend and their shareholdings are Stonebridge Communications AD (51%), the Government of the Republic of Macedonia (47.12%), IFC (1.88%).

Stonebridge is entitled to an amount of MKD 1.3 billion (HUF 5.4 billion) as dividend payment. According to the current ownership structure, Matáv has 89.51% stake in Stonebridge.

The Annual General Meeting also decided on personnel changes in the Board of Directors. Horst Hermann has resigned from his position and Bence Várady-Szabó, the CFO of the company is released from his position on the expiration of his working contract. The new members of the Board of Directors are Tamás Morvai and Rolf R. Plath.