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Greece Begins Sale Of 10 Percent Of OTE Telecoms Giant

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  • Greece Begins Sale Of 10 Percent Of OTE Telecoms Giant

    GREECE BEGINS SALE OF 10 PERCENT OF OTE TELECOMS GIANT

    Agence France Presse -- English
    September 7, 2005 Wednesday 10:49 AM GMT

    The Greek state has begun selling an additional 10 percent share of
    the Hellenic Telecommunications Organisation (OTE), Finance Minister
    George Alogoskoufis said Wednesday.

    "The process to sell a 10-percent share in OTE began last night,
    following a decision by the inter-ministerial committee (on
    privatisation)," Alogoskoufis told reporters.

    The sale of OTE shares, which will reduce the Greek state's holding in
    the company to 27.7 percent, began on the New York Stock Exchange late
    on Tuesday and continued on the London Stock Exchange on Wednesday,
    Alogoskoufis said.

    Partially controlled by the Greek state, the OTE group, which comprises
    the profitable Cosmote Greek mobile telephony unit and subsidiaries in
    Armenia, Bulgaria, Serbia and Romania, reported last week first-quarter
    net profits of 212.5 million euros (265 million dollars).

    The profits of OTE group had risen by 107.7 percent from the equivalent
    figure in 2004, the company said at the time.

    Eight banks, four of them international and the remainder Greek,
    are involved in the sale, which will also available on the Athens
    Stock Exchange, Alogoskoufis said on Wednesday.

    About 49 million shares will be sold, translating into earnings of
    800 million euros for the Greek state, Net state television reported.
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