HT has the right to co-sell the shares in Optima held by ZABA under certain conditions (drag-along/tag-along rights). HT currently holds 17.41%, while ZABA holds 36.90% of Optima’s share capital.

Hrvatski Telekom (HT) just published an announcement on the Zagreb Stock exchange stating that today, as in accordance with the decision of the Croatian Competition Agency (AZTN) (from 9 June 2017, HT started the sale process of all of its shares held in the company Optima Telekom.

According to an Agreement entered into between Zagrebačka banka (ZABA) and HT, HT has the right to co-sell the shares in Optima held by ZABA under certain conditions (drag-along/tag-along rights). HT currently holds 17.41%, while ZABA holds 36.90% of Optima’s share capital.

By doing this, HT will have fulfilled the requirement set by the regulatory agency regarding the concentration of HT and Optima from June 2017. As a reminder, HT is obliged to sell their stake in Optima Telekom until 10 July 2021. In case they would fail to do so, HT’s controlling stake in Optima Telekom would cease to exist (effective immediately) and HT would have to transfer their controlling stake to ZABA or a third party (not related to HT).