Albtelecom’s privatization finalised

Tirana, - After a long two-year period of negotiations over the details over its privatization, today the President of Calik Enerji, Mr. Ahmet Calik and the Albanian Minster of Economy, Trade and Energy, Mr. Genc Ruli, signed the agreement for the privatization and sale of a 76% stake of Albtelecom.

An agreement was signed in April 2005 where 78% of Albtelecom was sold to the Turkish company for EUR 120mn, but the new right-wing government stopped the procedures, claiming irregularities. After the signing, Mr. Calik promised additional investments in the corporation, amounting to about EUR 30 million.
Albtelecom’s total revenue for 2006 was reported at EUR 120 million, while profit was reported at EUR 14 million.

Back in April 2005, an agreement was signed where Albtelecom was sold to the Turkish company for EUR 120 million, but the new right-wing government stopped the procedures, claiming irregularities.

Albtelecom has 250,000 customers and a reported revenue of EUR 120 million. The corporation is currently working to expand its broad band internet service, and has also a strategic international position with interconnection lines from Bari (Italy) to Istanbul, (Turkey).

Source: AENews