Prishtina, 16 October 2013 – The Government Privatization Committee for the sale of 75% of PTK shares (GPC) met today to review the current situation related to the process of privatization of 75% of PTK shares.

In today’s meeting, GPC concluded that the delay in the sale and purchase agreement execution comes as a result of the failure of the Assembly of Kosovo to review the report on PTK privatization process, whereas lacking formal approval of the said report by the Assembly of Kosovo, GPC is unable to sign the sale and purchase agreement.

Consequently, GPC, in consultation with transaction advisors supporting the process postponed the signature of the sale and purchase agreement with Axos & Najafi consortium and its partners to no later than 26 December 2013.

The postponement of the date for 26 December 2013 is performed in accordance with laws applicable in Kosovo and bidding rules.

The Government Committee for Privatization of PTK assesses that the sale of 75% of PTK shares pursuant to this privatization process is the solution that fits best public interest of Kosovo and PTK as a telecommunications enterprise.

In today’s meeting, GPC approved the legal advice provided by the strategic advisor, Hunton & Williams, on the legality and conduct of the PTK privatization process to date, the adoption of which represented a contractual obligation for the strategic advisor.

In their legal opinion on the process, Hunton & Williams evaluates the process with rather positive notes, stating: “based on our discussions in every step of the transaction with the Transaction Advisor, Project Implementation Unit and GPC we’ve reached the conclusion that the PTK transaction was continuously implemented based on a due and transparent process.” Further the strategic advisor expresses its conviction that the process is compliant with Kosovo laws and best international practices.”