Approximately 284 million euros will flow into Greek state coffers from the sale of 5 percent of telecoms provider OTE’s share capital, assuming that Deutsche Telekom AG, which holds the former’s management and roughly 40 percent of its shares, agrees to buy the stake.
By T. Igoumenidi
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Approximately 284 million euros will flow into Greek state coffers from the sale of 5 percent of telecoms provider OTE’s share capital, assuming that Deutsche Telekom AG, which holds the former’s management and roughly 40 percent of its shares, agrees to buy the stake.
According to reports so far, the German multinational is expected to complete the sale.
The transaction figure is derived from the average price of OTE’s share at the Athens Stock Exchange (ASE) over the past 20 session, namely, 11.59 euros per share.
Earlier on Friday, the board of Greece’s privatization fund (HRADF) rubber-stamped a contractual clause to invite DT to exercise its right of first refusal for the 5-percent stake of OTE, after no bids were submitted in a relevant international tender this week.
A HRADF press release stated:
“The Board of Directors of the Hellenic Republic Asset Development Fund decided, during its session today, the completion of the international tender process for the sale of 5% of OTE’s share capital, corresponding to 24,507,520 common registered shares, following the non-submission of any offer by the deadline of March 15th, 2018, in accordance with the terms of the tender.
Furthermore, HRADF’s BoD decided, in view of the offering of the shares via a book building process, to service a notice to Deutsche Telekom AG inviting it to exercise, within 30 business days, its right of first refusal, pursuant to the terms 8.4 and 8.6 of the Shareholders’ Agreement between the Hellenic Republic and Deutsche Telekom AG to which HRADF has acceded. The relevant notice was sent to Deutsche Telekom AG today (Friday).”