Sign In
Last checked at 
30 Dec 2011 12:20
ANNOUNCEMENT
OTE SELLS ITS 20% STAKE IN TELECOM SRBIJA
ATHENS, Greece -December 30, 2011 - Hellenic Telecommunications Organization SA (ASE: HTO, OTC MARKET: HLTOY) announces that today it signed a Share Purchase Agreement with PREDUZEĆE ZA TELEKOMUNIKACIJE "TELEKOM SRBIJA" AKCIONARSKO DRUŠTVO ("Telekom Srbija" or the "Company") to sell its entire stake of 20% in Telekom Srbija to the Company, subject to fulfilment of agreed conditions precedent. The value of the transaction amounts to €380m. In addition, OTE will receive a minimum dividend of €17 million for fiscal year 2011. The transaction is expected to be completed by the end of Q1 2012.
About OTE
OTE Group is Greece's leading telecommunications organization and one of the pre-eminent players in Southeastern Europe, providing top-quality products and services to its customers.
Apart from serving as a full service telecommunications group in the Greek telecoms market, OTE Group has also expanded during the last decade its geographical footprint throughout South East Europe, acquiring stakes in the incumbent telecommunications companies of Romania and Serbia, and establishing mobile operations in Albania, Bulgaria, and Romania. At present, companies in which OTE Group has an equity interest employ about 29,000 people in four countries, and our portfolio of solutions ranges from fixed and mobile telephony to Internet applications, satellite, maritime communications and consultancy services.
OTE shares are listed on the Athens Stock Exchange, and the London Stock Exchange (in the form of GDRs). Following their delisting from the NYSE in September 2010, the company's ADRs trade in the US OTC market. OTE's American Depositary Receipts (ADR's) represent ½ ordinary share.
Additional Information is also available on http://www.ote.gr.
Contacts:
OTE: Dimitris Tzelepis - Head of Investor Relations
Tel: +30 210 611 1574, Email: dtzelepis@ote.gr
Maria Kountouri - Assistant to the Head of Investor Relations
Tel: +30 210 611 5381, Email: mkountouri@ote.gr
Kostas Maselis - Senior Financial Analyst, Investor Relations
Tel: +30 210 611 7593, Email: kmaselis@ote.gr
Sofia Ziavra - Financial Analyst, Investor Relations
Tel: +30 210 611 8190, Email: sziavra@ote.gr
Daria Kozanoglou - Senior Communications & Regulatory Affairs Officer,
Investor Relations
Tel: +30 210 611 1121, Email: nkozanoglou@ote.gr
Eftychia Tourna - Communications & Regulatory Affairs Officer, Investor Relations
Tel: +30 210 611 7236, Email: etourna@ote.gr
Eleni Agoglossaki - Communications & Regulatory Affairs Officer, Investor Relations
Tel: +30 210 611 7880, Email: eagoglossak@ote.gr
Forward-looking statement
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the Company's future financial results are discussed more fully in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 20-F for 2010 filed with the SEC on June 17, 2011. OTE assumes no obligation to update information in this release.
Follow the stocks
