Gov’t pre­pares sale of 5 pct stake in OTE

Kathimerini English - - Focus -

Greece has trans­ferred a 5 per­cent stake it owns in tele­coms group OTE to the coun­try’s pri­va­ti­za­tion agency (TAIPED), open­ing the way for the sale of the stake. OTE is 40 per­cent owned and man­aged by Deutsche Telekom, with the state hold­ing a 10 per­cent stake. Un­der its third in­ter­na­tional aid pro­gram signed last year, Greece has agreed an am­bi­tious pri­va­ti­za­tion scheme – in­clud­ing the sale of half of its shares in OTE – aim­ing at rais­ing 14 bil­lion eu­ros by 2022. The trans­fer of the 5 per­cent share­hold­ing to TAIPED was pub­lished in the Gov­ern­ment Gazette yes­ter­day. The agency will now need to hire an ad­viser to pro­ceed with the sale, the pre- cise tim­ing of which is un­clear. Deutsche Telekom has a right of first re­fusal in any sale. Some op­po­si­tion law­mak­ers and OME-OTE, OTE’s largest trade union, which rep­re­sents 14,000 work­ers in the com­pany, op­pose a sale, say­ing Greece will lose its in­flu­ence in a strate­gi­cally im­por­tant com­pany.

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.