News
General Meeting to be Convened by Slovenian Sovereign Holding upon the Initiative of the Supervisory Board Members for Obtaining Consent for Sale of Majority Shareholding in Telekom Slovenije, d.d.
Ljubljana, 4 June 2015 – The Supervisory Board of Slovenian Sovereign Holding (SSH) met at the session today, where the sales process of the majority shareholding in Telekom Slovenije, d. d., had been discussed. According to the assessment by the Supervisory Board and the Management Board, the sale of shares owned by the Republic of Slovenia and SSH is suitable and economically justified; however, of the following reasons, the Supervisory Board does not approve the sale of Telekom Slovenije. The Supervisory Board has thus proposed to the Management Board to convene a General Asseembly to obtain its approval for the Sale of shares owned by the Republic of Slovenia and SSH.
In accordance with Article 295, Paragraph 2, in connection with Article 281, Paragraph 5 of the Companies Act (ZGD-1), the Management Board of SSH will convene a General Meeting of SSH in the shortest time possible, submitting for its approval the Proposal for the Sale of the shares owned by the Republic of Slovenia and SSH in Telekom Slovenije for the following reasons: the Risk Sharing Mechanism, related to pending civil litigation and existing CPA proceedings against Telekom Slovenije, with an additional Indemnity of the Republic of Slovenia and for the purposes of unclear defining the legal nature with regard to potential buyer of the majority shares in Telekom Slovenija as described in the documents of the Government of the Republic of Slovenia, dated 9 May 2013 and 13 June 2013 (the Decision of the National Assembly of the Republic of Slovenia on Granting Consent for the Disposal of Capital Assets of the Republic of Slovenia, Kapitalska družba pokojninskega in invalidskega zavarovanja, d. d. (Pension Fund Management), Slovenska odškodninska družba, d. d., Modra zavarovalnica, d. d., D.S.U., družba za svetovanje in upravljanje, d.o.o., and Posebna družba za podjetniško svetovanje d.d. and Additional Explanatroy Notes to the Decision Proposal).
SSH believes that if the General Assembly grants an approval to the Proposal for the Sale of shares owned by the Republic of Slovenia and SSH in Telekom Slovenije the company will have an experienced and responsible owner from the telecommunication industry, providing Telekom Slovenije with significant investments to the development of Telekom's telecommunication infrastructure and networks for the provision of broadband fixed and mobile networks for Slovenian private and business users, thus contributing to Slovenian competitiveness in the region and more widely in Europe.
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