Transfer of 5.0 pct stake of OTE to Hellenic Republic Asset Development Fund imminent

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Greek government’s gazette on Friday published a decision by an Interministerial Commission for Restructuring and Privatizations reached on Wednesday over the transfer of a 5.0 pct equity stake in OTE held by the Greek state to Hellenic Republic Asset Development Fund (HRADF).

The decision states that the shares will be transferred without anything in exchange. The Greek parliament approved -a few weeks ago- an amendment in a shareholders agreement between the Greek state and Deutsche Telekom. The state will preserve a 5.0 pct in OTE, while the German telecoms group will have a first denial right for the purchase of a 5.0 pct equity stake in OTE to be sold by HRADF. The transfer of the state’s 5.0 pct stake to the Fund is considered a matter of time.