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BELGRADE (Serbia), December 29 (SeeNews) - Incumbent telco Telekom Srbija said on Tuesday it plans to invest 2.6 billion dinars ($23.6 million/21.5 million euro) next year in its mobile network.
The bulk of the planned investments will go for the expansion of the 4G network of Telekom Srbija's mobile arm, Mts, which should reach over 70% coverage next year, Telekom Srbija said in an emailed response to a SeeNews inquiry.
Mts 4G network currently covers over 50% of the population in Serbia in almost 50 towns and cities.
The company has invested close to 6.8 billion dinars until now in the expansion of its 4G network.
Telekom Srbija's biggest shareholder at the end of last year was the Serbian government with a 58.11% stake. Small shareholders control a combined 14.95% while company employees own 6.94%. The remaining equity is held by the company itself.
Earlier this month, the Serbian government decided to retain control of Telekom Srbija after all offers from potential investors for the privatisation of the incumbent telco were deemed unsatisfactory.
The Serbian company is the majority owner of the second-largest telecommunication company in Bosnia, Telekom Srpske, while also controlling Montenegrin mobile operator M:Tel.
In Serbia, a market of around 7.2 million, Mts competes with Vip Mobile, a local unit of Telekom Austria and the local arm of Norway's Telenor.
(1 euro=121.079 Serbian dinars)