You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Bosnia's Mtel Banja Luka acquires 41% in Serbia's GO4YU

Author Iskra Pavlova
Bosnia's Mtel Banja Luka acquires 41% in Serbia's GO4YU Photo: All Rights Reserved

BANJA LUKA (Bosnia and Herzegovina), August 30 (SeeNews) - Bosnia's Telekom Srpske [BANJ:TLKM-R-A] said that its mobile arm, Banja Luka-based Mtel, has acquired 41% of Belgrade-based company GO4YU.

Mtel has acquired the stake in the form of rights to 100% of the capital of Mtel Austria GmbH, Telekom Srpske said in a Banja Luka bourse filing on Thursday.

All three companies - Telekom Srpske, GO4YU and Mtel Austria, are part of Serbian state-controlled telecommunications operator Telekom Srbija.

"With unification of the activities on the Group level, numerous positive effects are expected in the form of centralized management and more efficient market presentation, more effective deployment of human and financial resources and the possibility of further expansion of the business," Telekom Srpske said.

Mtel Austria was established in 2015 to provides mobile voice services to expatriates from the countries of the former Yugoslavia who live in Austria. GO4YU offers expatriates IPTV and fixed-line services.

Telekom Srpske, majority-owned by Telekom Srbija, is the second-largest telecommunications company in Bosnia, It has clients mainly in the Serb Republic entity, which forms Bosnia and Herzegovina together with the Federation entity.

Telekom Srpske shares last traded on the Banja Luka bourse on Tuesday, closing unchanged at 0.845 marka ($0.477/0.432 euro).

Bosnia, a country of some 3.5 million people, has two more major telecommunications companies, both state-controlled - HT Mostar and BH Telecom.

(1 euro = 1.95583 marka)