BELGRADE -- A Share Purchase Agreement was signed today in Athens between Telekom Srbija and Greek company OTE, which made Telekom Srbija owner of OTE's 20% shares of the company, which was their entire stake of Telekom Srbija. The Agreement was signed by Mr Branko Radujko, Telekom Srbija Director General, and Mr Michael Tsamaz, OTE Chairman and CEO. The value of the Agreement is 380 million euros.

According to the Agreement, the transaction is expected to be completed by the end of Q1 2012. Based on the decision of the Telekom Srbija Board of Directors on profit distribution for year 2011, according to which the shareholders will receive 50% of the realised profit based on the results projection at the end of the year, OTE will receive 17 million euros and The Government of the Republic of Serbia 68 milion euros of the interin dividend for the fiscal year 2011.

Telekom Srbija a.d.