Press Releases
Magyar Telekom's Board of Directors proposes to the General Meeting to provide authorization for the purchase of ordinary Magyar Telekom shares
Magyar Telekom's Board of Directors proposes to the General Meeting to provide authorization for the purchase of ordinary Magyar Telekom shares
Budapest, February 26, 2010 12:30
Magyar Telekom's Board of Directors proposes to the General Meeting to provide authorization for the purchase of ordinary shares accounting for no more than 10% of the share capital of Magyar Telekom Plc.
The Board of Directors proposes to the General Meeting to provide authorization for the purchase of ordinary Magyar Telekom shares. The purpose of the authorization is to have the ability to supplement Magyar Telekom's current shareholder remuneration policy to be more in line with international practices. At the same time the Board of Directors believes dividend should remain the main method for shareholder remuneration.
According to the Board of Directors' proposal the General Meeting would authorize the Board of Directors to purchase a total of up to 104,274,254 ordinary shares (with a face value of HUF 100 each) of Magyar Telekom Plc. The authorization would be valid for 18 months starting on the approval date of the General Meeting. The shares to be purchased on the basis of this authorization may not at any time account for more than 10% of the share capital of Magyar Telekom Plc. In addition, the shares would be purchased through the stock exchange. The authorization may be exercised in full or in part, and the purchase can be carried out in partial tranches spread over various purchase dates within the authorization period until the maximum purchase volume is reached.
Magyar Telekom will hold its Annual General Meeting on 7th April 2010.
About Magyar Telekom
Magyar Telekom is Hungary's biggest provider of telecom services. It provides a full range of telecommunications and infocommunications
(ICT) services including fixed line and mobile telephony, data transmission and non-voice as well as IT and systems integration
services. The business activities of Magyar Telekom are managed by two business units: Consumer services (the home-related
services brand T-Home and the mobile communications brand T-Mobile) and Business services (T-Systems brand). Magyar Telekom
is the majority owner of Makedonski Telekom, the leading fixed line and mobile operator in Macedonia and it holds a majority
stake in Crnogorski Telekom, the leading telecommunications operator in Montenegro. Magyar Telekom's majority shareholder
(59.21%) is MagyarCom Holding GmbH, fully owned by Deutsche Telekom AG.
For further information visit
www.telekom.hu.