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.