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Croatia to Float T-Com

10:15 AM -- Here's an interesting test of the market in Eastern Europe: The Croatian government is to sell part of its stake in national operator T-Croatian Telecom (T-Com Croatia).

The operator, known locally as HT-Hrvatske Telekomunikacije, is 51 percent owned by Deutsche Telekom AG (NYSE: DT). Now, though, Croatian news agency Hina reports that Deputy Prime Minister Damir Polancec has announced the government will float 20 to 23 percent of its 42 percent holding on the Zagreb and London stock exchanges starting in September.

The shares are set to cost 100 Croatian Kunas (US$18.28) each, and will be offered first to Croatian citizens, who can buy stock up to a maximum value of 38,000 Kunas ($6,944).

According to the Hina report, Polancec claims there is very strong demand for the shares, so the government expects a successful sale.

September's float should provide an interesting insight into the health and prospects of the Croatian telecom market, where T-Com is offering a triple-play services package to its DSL customers, including an IPTV service that was launched last September, called MAXtv. (See T-Com Croatia Uses Tandberg TV, Siemens Wins IPTV Deal, T-Com Croatia Taps Acme, and T-Com Deploys CRM.)

— Ray Le Maistre, International News Editor, Light Reading

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