Tender to open soon on sale of Telekomas

VILNIUS (BNS) - The State Property Fund intends to begin
privatization of the remaining state-owned stake of 35.2 percent in
Lietuvos Telekomas soon.

The SPF has formally applied to Telekomas' majority shareholders,
Sweden's Telia and Finland's Sonera, for permission to sell the
state-owned shares before July 7, 2000, the term set in the
privatization agreement.

The Lithuanian Cabinet of Ministers allowed the SPF on Nov. 10 to
announce a tender for an adviser on Telekomas privatization matters.

SPF Director Stasys Vaitkevicius said that they hoped to announce the
tender by the end of November. Possible advisers should submit their
applications by the end of this year, with a winner to be named
early next year, he said.

The United Bank of Switzerland, which helped to sell 60 percent of
shares in Lithuanian Telekomas, is seen as having good chances to be
chosen the government's adviser on the sale of the remaining stake.

According to various estimates, the state can raise between 1.4
billion litas ($350 million) and 2 billion litas from the sale of the
35 percent stake in Lithuanian Telekomas, one of the most profitable
companies in this country.