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MTelekom Montenegrin unit sells CKB stake

Magyar Telekom Nyrt, the Hungarian unit of Deutsche Telekom AG, sells Montenegro Bank stake as they have announced at BÉT website. “Magyar Telekom the leading Hungarian telecommunications service provider today announced that its Montenegrin subsidiary had sold its 11.5% stake in CKB bank for a purchase price of approximately €12 million. Telekom Montenegro (TCG), Magyar Telekom’s Montenegrin subsidiary, has held an 11.5% stake in CKB, Montenegro’s largest retail bank, since 1999. Given that this minority stake is related to a non-core activity, TCG has joined other shareholders of the bank in negotiations with a strategic investor, the Hungarian OTP Bank, and agreed to sell its stake. The closure of the deal is anticipated at the end of 2006 and is subject to approval by Hungarian and Montenegrin financial supervisory authorities and the Montenegrin competition authority.” OTP said earlier today it agreed to pay 105 million euros for 100% of Crnogorska as it expands in the Balkans. (bet.hu, Bloomberg)