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Trade in BTel shares suspended

Telco

The Budapest Stock Exchange (BSE) suspended trade in shares and corporate bonds of Hungarian Business Telecom (BTel) at 11:07 this morning, acting on a resolution by the Hungarian central bank and financial market regulator, BSE reported today.

The Hungarian unit of telecoms giant Deutsche Telekom, Magyar Telekom, is suing BTel for HUF 944 mln in unpaid bills, and a subscriber of the company's corporate bonds has launched a liquidation procedure against it.

Eariler, Btel expressed intentions to gradually withdraw from the market of telecom service providers by selling its customer base and network elements and focusing instead on the franchise distribution of its Xprime services — developed by Btel this year as a patented operation model for telecom companies merging online advertisement with traditional telecom services, to be sold on a franchise basis. In line with BTel’s reports, negotiations on the sale of franchise rights are in an advanced stage with both domestic and foreign telecoms.

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