GREECE’S OTE TO SELL 90 PCT STAKE IN ARMENIAS ARMENTEL UPDATE
AFX Europe (Focus)
Apr 04, 2006
(Updating with further details and broker comment)
ATHENS (AFX) – Greece’s Hellenic Telecommunications (OTE) said that
after negotiations with the Armenian government it has begun the
process of finding a purchaser for its 90 pct stake in Armentel.
Armentel is Armenias main telephone carrier and accounts for 2.2 pct
of OTE group revenues and 3.4 pct of EBITDA. It had full- year net
income of 45.8 mln eur.
Broker Vasillis Kararizos of Proton Securities said it is not the first
time that OTE has expressed its willingness to divest from the country
in which it has met major difficulties in the past. He added that the
sale makes sense for OTE since Armenia is located away from the Balkan
reach while Armenias business environment has not been favourable.
OTEs financial advisor for the transaction will be HSBC Holdings PLC.
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