Greece to forge ahead with OTE privatisation

11 Sep 2006

The Greek Privatisation Committee decided on Saturday to push ahead with national telco OTE’s new privatisation plan, Finance Minister Giorgos Alogoskoufis said. According to Alogoskoufis, the government will seek a strategic investor from abroad, while he did not rule out the possibility of the investor assuming OTE’s management as well. In the next few weeks the committee will appoint an advisor for the new privatisation. Although the size of the stake for sale was not revealed, according to a government source, the state will not reduce its holding below 10%. The government currently holds a 38.7% stake in OTE, with the remainder distributed between international institutional shareholders (40%), Greek institutional shareholders (12.1%) and other shareholders (9.2%).

Greece, Cosmote