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Hellenic Telecommunications Organization (OTE)
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
Hellenic Telecommunications Organization (OTE) is Greece's incumbent fixed-line telecommunications operator, which has been privatised in stages since 1998. In addition to providing local, long-distance and international fixed-line services to Greek and foreign businesses, consumers, and government agencies, OTE offers a range of other telecommunications services including mobile telephony, Internet access, ISDN, high-speed data communications, ADSL-based broadband services, sales of equipment and ATM, as well as leased lines, maritime and satellite telecommunications, telex and telegraphy, audiotex, telecards and directory services. OTE provides fixed-line services directly, or through its subsidiaries, in Greece, Romania, Serbia and Armenia. Mobile telephony services are offered in Greece through CosmOTE, OTE's 67%-owned subsidiary, and in other countries including Armenia, Albania, Bulgaria, Romania, Serbia and the Former Yugoslav Republic of Macedonia (FYROM). As of October 2006, OTE was in the process of disposing of its interest in Armenia. OTE's shares are listed on the Stock Exchanges in Athens and New York. In September 2005, the Greek government placed 49,058,200 OTE shares (10% of capital) with institutional investors at a price of €17.02 per share. Following this transaction, the government's interest in OTE amounted to approximately 38.7%. As of March 2006, OTE's remaining shares were held by Greek institutional investors (12.1%), international institutional investors (40.1%) and Others (9.1%).
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