USD266m from stake transfer already spent, OTE says

1 May 2009

Dow Jones Newswires has reported that the EUR200 million (USD266 million) proceeds from the Greek government’s sale of a 4% stake in OTE to the incumbent telco’s pension fund have been wholly allocated to the cost of a voluntary retirement scheme (VRS) and other provisions. The gain will be fully offset in the second quarter by EUR158 million VRS costs partly dating back to 2005, and other provisions of up to EUR50 million which include wholesale client receivables and regulatory fines.

Greece, Cosmote