RomTelecom set for OTE talks regarding local bourse listing

27 Jun 2011

According to local news agency Mediafax, Romanian communications minister Valerian Vreme is poised to meet with representatives of Greek telecoms group OTE this week, regarding the listing of Romania’s largest fixed line telecoms operator RomTelecom, on the Bucharest Stock Exchange. As previously reported by CommsUpdate, earlier this month OTE decided not to submit an offer to acquire the 45.99% stake in RomTelecom that it does not already own; OTE currently holds a 54.01% stake in the telco. A statement issued by the Romanian telecommunications ministry read: ‘The Greek group OTE mentions that at this moment in time it cannot submit an offer for RomTelecom shares due to reasons related to the continuation of the economic crisis in the region and in Greece, and due to the current financial strategy of OTE to reduce its exposure to debts. However, in case circumstances change, OTE group might reconsider its position’.

Vreme told Mediafax on Friday: ‘The request came from Greek group OTE. We will most likely meet at the end of next week, to discuss the calendar of listing the shares owned by the state in RomTelecom’. In November 2010 Bucharest slapped a EUR1 billion (USD1.42 billion) price tag on its share of RomTelecom, and in February 2011 Vreme reiterated the government’s previously-stated intention to list its RomTelecom stake on the local bourse if the desired deal with OTE fell through.