According to the company’s CEO Vladimir Lucic, quoted by Danas, it will be used for debt diversification and loan refinancing. Lucic added that although Telekom Srbija currently owes €1.4 billion its income is growing significantly.
However, Marinka Tepic, the VP of the Serbian opposition party Freedom and Justice, has claimed that Telekom Srbija’s debt now stands at €1.5 billion and it is “a time bomb for citizens”.
She has also accused the telco of faking almost all its results and that its real revenues are much lower than those stated by the company.
Lucic expects Telekom Srbija to start reducing its debt at the end of this year and its profitability to start to increase.