VIENNA: Telekom Austria's free float has to be increased towards the end of the year under the terms of a syndicate contract with its parent company America Movil, the head of Austria's state holding company OBIB said on Friday.

The free float is currently around 11.8 percent, or roughly 78.5 million shares.

The targeted free float is 20 percent, OBIB chief Martha Oberndorfer told a news conference.

Mexican tycoon Carlos Slim's America Movil, which took control of the Austrian telecoms group in 2014, holds around 60 percent of the company and OBIB owns around 28 percent.

Copyright Reuters, 2016