ICEC

Naguib Sawiris Named For Board: Telekom Austria

Ronny Pecik, the investor who’s bought more than 20 percent of Telekom Austria AG (TKA), named himself and his Egyptian billionaire backer Naguib Sawiris as candidates for the company’s supervisory board.

Pecik’s Marathon Zwei Beteiligungs GmbH has requested that Telekom Austria’s annual general meeting, scheduled for May 23, votes to add himself and Sawiris to the board, Telekom Austria said in a statement today. Supervisory boards are non-executive and responsible for appointing managers and making strategic decisions.

Pecik’s application was filed “timely and in due form,” Telekom Austria said in the statement. The Austrian government is the former monopoly’s biggest shareholder with a 28.4 percent stake.

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