Press Releases

Budapest, June 27, 2008 15:45

Magyar Telekom’s Montenegrin subsidiary Crnogorski Telekom a.d. has held its annual regular General Assembly today in Podgorica. The General Assembly adopted the company’s business report and financial statements for 2007 and decided about profit distribution for 2007.

The General Assembly made a decision on a dividend payment in a total amount of EUR 22.0 million for the 2007 financial year (equaling around HUF 5.2 billion using HUF/EUR rate of 238 as of June 26, 2008).

According to Montenegrin Accounting Standards, Crnogorski Telekom on a standalone basis recorded a net income of EUR 23.6 million in the financial year 2007. Magyar Telekom, which has a 76.53% stake in the company, is entitled to a dividend payment of approximately EUR 16.8 million (HUF 4.0 billion).

Dániel Szász, Chairman of Crnogorski Telekom’s Board of Directors commented on the General Assembly: „Today we closed the 2007 year, which was the most successful for Crnogorski Telekom so far. We are now focusing all our efforts on growth, innovation, efficiency and quality of service for the benefit of our customers and shareholders.“

The General Assembly elected as new members of the Board Gereon Hammel and Dr. Hans-Peter Schultz, and, nominated by minority shareholders, Tripko Krgović. Dániel Szász, Pál Gábor, János Szabó and Dénes Szluha remain Board members.