Press Releases

Budapest, April 18, 2003

Makedonski Telekomunikacii (MakTel) held its Annual General Meeting and among other items it has made a decision on dividend payment in a total amount of MKD 2.4 billion (using HUF/MKD rate of 4.08 as of 17 April, 2003).

At MakTel's Annual General Meeting, held on April 18, 2003, it was decided that the company will pay a dividend of MKD 1.2 billion after the profit of year 2002. According to Macedonian Accounting Standards (MAS) MakTel on a standalone basis recorded a net income of MKD 1.2 billion for the year 2002. (MakTel Group according to IFRS recorded a net income of MKD 6.2 billion for the year 2002)*

Due to the strong profits and solid cash flow generation in previous years MKD 1.2 billion from the retained earnings of previous years will also be paid to the shareholders.

The receivers of the dividend and their shareholdings are Stonebridge Communications AD (51%), Government of Republic of Macedonia (47.12%), International Finance Corporation (1.88%).

Stonebridge is entitled to an amount of MKD 1.2 billion as dividend payment. According to the current ownership structure, Matáv has 86.5% stake in Stonebridge.

* MakTel, as a legal entity, is the Macedonian parent company of MakTel Group, which is the sole fixed line and the leading mobile operator in Macedonia.