February 13, 2018 / 11:11 AM / a year ago

UPDATE 1-Greece launches tender to sell minority stake in OTE Telecom

(Adds detail)

ATHENS, Feb 13 (Reuters) - Greece on Tuesday launched an international tender to sell a 5 percent stake in its biggest telecoms operator OTE, a key term of the country’s international bailout.

Greece has raised about 4.7 billion euros ($5.8 billion) from privatisations since it signed its first bailout in 2010 and aims to raise another 3 billion by 2019, a year after its current rescue programme expires.

Privatisation agency HRADF said the tender process would be conducted in one phase and set a March 15 deadline for interested investors to submit offers for the stake, which corresponds to 24.5 million shares.

OTE, the former national monopoly, is 40 percent owned and managed by Germany’s Deutsche Telekom, which has a right of first refusal to buy the shares but has not yet said if it will exercise that right.

Greece holds a 10 percent stake in OTE, which has a market value of 5.7 billion euros and is Greece’s second-biggest listed company by market value after Coca-Cola HBC.

The country has earmarked 250 million euros from the stake sale in this year’s budget plan. ($1 = 0.8103 euros) (Reporting by George Georgiopoulos and Angeliki Koutantou; Editing by David Holmes)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below