Press Releases

Budapest, April 30, 2009 16:00

Magyar Telekom's Montenegrin subsidiary Crnogorski Telekom AD has held its annual regular General Assembly today in Podgorica. The General Assembly adopted the company's business report and financial statements for 2008, decided about profit distribution for 2008, and also approved the merger of its mobile and Internet subsidiaries into Crnogorski Telekom.

The General Assembly made a decision on a total dividend payment of EUR 9.8 million (around HUF 2.8 billion at the 29 April, 2009 HUF/EUR exchange rate of 288.9) for the financial year 2008.

According to Montenegrin Accounting Standards, on a standalone basis, Crnogorski Telekom recorded a net income of EUR 10.5 million for 2008, of which EUR 9.8 million will be distributed as dividends in line with the decision of the General Assembly. Magyar Telekom, which has a 76.53% stake in the company, is entitled to a dividend payment of approximately EUR 7.5 million (HUF 2.2 billion).

The General Assembly also approved the legal merger of the mobile operator T-Mobile Crna Gora and the Internet service provider Internet CG into the parent company, Crnogorski Telekom. As a result of the legal merger, Crnogorski Telekom will be the legal successor of T-Mobile Crna Gora and Internet CG. The legal merger will increase the company's operational efficiency and enable it to fully exploit the advantages of being an integrated telecommunications company.