Calik Group nearing final steps in Albtelecom’s acquisition
Uncategorized Tuesday, September 12th, 2006
In September 2005, Albanian new parliament controlled by right wing coalition had halted procedures for Albtelecom’s take over and had appointed an independent auditing company to oversee the privatisation process.
New minister of Economy, Trade and Commerce Mr. Genc Ruli had declared the privatisation process “doubtful and irregular”. Meanwhile, Calik had offered EUR 120 million for 76% stake of Albtelecom in a tender where Calik was the sole bidder.
After one year of ongoing disputes the Albanian Government is trying to forget the auditing process, for which USD 172 000 was paid. But now, after a meeting with Mr. Ahmed Calik, head of Calik Group, Mr. Berisha declared the privatisation could finally be concluded, but only after parts of the agreement were renegotiated.
This year, Calik Group bought a 60% stake of shares in the second biggest bank in Albania, National Commercial Bank, from Turkish Authority for Depository Guarantee. NCB, which operates in Albania under the local brand name “Banka Kombëtare Tregtare”, (BKT), had USD 700 million assets.
Turkey has become Albania’s third trade partner during these last years. After buying Albtelecom, Turkey could also become the third foreign investor in the country.
Turkish companies have activities in mining, metallurgy seaport facilities and chemistry.
Presently, AlbTelecom has 250,000 customers. It owns the third mobile operator license in the country as well as for Internet services. The company owns and operates also a big share in the international communication with interconnection lines linking Bari (Italy) with Istanbul (Turkey) and other interconnection lines with Kosova, Montenegro, Macedonia and Greece.
For 2005, AlbTelecom reported USD 133 million in revenues and profit before corporate taxes of USD 21 million.
Short URL: http://www.albanianeconomy.com/news/?p=164
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on Sep 12 2006. Filed under Uncategorized.
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