Prishtina, 17 July 2013 The Government Privatization Committee on PTK met today to review the request made by the preferred bidder for the purchase of 75% of PTK shares, to extend the deadline for executing the contract on the purchase of PTK shares for three weeks.
GPC analyzed circumstances of the said request to postpone contract execution and concluded that the extension of the deadline for contract execution for three weeks will not have negative impacts on the timely conclusion of the process of PTK share privatization.
Noteworthy, bidding documents clearly regulate contract conclusion, which is supposed to occur within 270 days of the announcement of the preferred bidder, whereas initial signature is supposed to occur within 60 days, if both parties are ready.
This postponement will not affect contract closure, which will happen within 270 days from the announcement of the preferred bidder.
The decision to postpone the contract execution deadline was taken based on the recommendations and legal analyses provided by the transaction advisor.
GPC considers that this process is very important for the countrys economy and that the consortium of companies announced as the preferred bidder for the purchase of PTK shares should be allowed the time to conduct necessary technical preparations.
GPC considers that the process conducted to date is very successful and this postponement for technical preparation purposes requested by the economic operator will not have any negative effects on the process.
GPC is committed to utmost transparency of the process, to respecting the national legislation and highest international standards for such transactions.
Similarly, GPC considers that PTK privatization will be beneficial for the countrys economy, Kosovo citizens and company staff, while the initial effects in the countrys economy are expected shortly after the transaction is concluded.