OTE ownership limit ‘a matter of national security’

2 Jan 2008

Greece’s Finance Ministry has clarified the recent introduction of a 20% individual shareholding limitation on ‘strategic’ public companies, by stating that the ceiling only applies to incumbent telco OTE and that the measure is specifically aimed at protecting national security. Reporter.gr quotes a letter from the Finance Minister to the manager of Dubai Holding, a part-owner of OTE’s largest private shareholder Marfin Investment Group (MIG), explaining the reasons for not allowing MIG to raise its stake in OTE to above 20%. The letter, among other issues, stressed the national security role of OTE, as well as MIG’s ‘aggressive approach’, while underlining that the imposed shareholding restriction is related to OTE only.

Greece, Cosmote