Telekom Slovenije Takes Half Share Of Gibtelecom
Telekom Slovenije has completed its purchase of Verizon Communication's 50% shareholding
in Gibtelecom, the main provider of telecommunications services in Gibraltar, it emerged this week.
Commenting on the move, the Chairman of the Company, and Minister for Heritage,
Culture, Youth, and Sport, Fabian Vinet stated that: “The sale announcement brings
to an end the speculation concerning Verizon Communications Inc's exit from Gibraltar
as part of their strategy of rationalising their world wide investments." He continued: “The Government looked forward to the new partnership with Telekom Slovenije
and the two Companies working together in continuing to advance technologies
and deliver world class communications in Gibraltar." The government of Gibraltar owns the other 50% of Gibtelecom's shares. Vinet went on to express the Gibraltar government’s and the company’s
appreciation “for the instrumental part they and their predecessors, Bell
Atlantic and Nynex, had played in developing Gibraltar’s telecommunications". The Gibtelecom Directors and key officials oversaw the completion of the transfer
of shares at a Board meeting held on the afternoon of Monday 23 April at the
Company’s Europort headquarters. This was followed by meetings held with
all staff to inform them of the change in the Shareholder. Chief Executive Officer,
Tim Bristow, informed staff “it was business as usual but with a new partner”.
“Telekom Slovenije, and its subsidiary Mobitel, who were one of the first
European operators to introduce 3G mobile services, would bring a technological
edge to Gibtelecom”. Bristow explained, adding that: “Verizon as shareholders would
be much missed but the reasons for their leaving were part of a global strategy
beyond Gibraltar." The Telekom Slovenije group is the main telecommunications provider in Slovenia,
serving a population of 2 million people with fixed line and internet services,
together with mobile services through its subsidiary, Mobitel. Welcoming the new partnership with the Gibraltar government, Telekom Slovenije
CEO, Bojan Dremelj stated: “The Telekom Slovenije group brings leading
edge technical innovation as well as experience of operating in a regulated
and liberalised EU market. The group looks forward to a long and prosperous
relationship with Gibtelecom and Gibraltar." A comprehensive report in our Intelligence Report series looking at conducting tax efficient e-business in Gibraltar is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report12.asp
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.