MIG transfers 6% stake in OTE to banks

27 Nov 2007

Greece’s Marfin Investment Group (MIG) has transferred an approximately 6% stake in Greek incumbent telco OTE to banks to use as financing collateral, sources close to the matter told Thomson Financial News. MIG had recently raised its stake in OTE to 16.8%. The sources added that MIG has kept its voting rights in OTE intact, and plans to raise its equity stake to around 20% in the future. MIG is the second largest shareholder in OTE below the government, which, in late June 2007, carried out a domestic stock market placement of 10.7% of OTE’s shares, to institutional investors, reducing its stake from 38.7% to 28%.

Greece, Cosmote