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OTE May Cancel Sale of Bulgarian Subsidiary
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Greece's OTE may cancel the planned sale of its Bulgarian subsidiary, Globul after it successfully refinanced its debt, company officials have told the local Novinite publication.
The refinancing has secured the company for the next two years, so the need for a disposal has been reduced significantly.
"The problem we had for refinancing mostly has been solved," Chief Executive Michael Tsamaz has told analysts, as cited by Bloomberg.
"The process we have for Globul has not stopped, it continues. However, we have to rethink the situation and reconsider the situation and decide based on the best of the shareholders' interest."
Last November, Turkey based Turkcell confirmed that it has submitted a non-binding indicative offer to buy the company. Globul has been valued at around EUR800 million.
OTE's debt totals EUR4.9bn and existing cash resources invested overseas, some in other government bonds, is EUR707m in short-dated highly rated government securities and EUR849m cash as at Q112.
OTE's debt ratings were downgraded last year over concerns about a possible Euro exit by the Greek government and the likelihood of debt support from 40% shareholder, Deutsche Telekom.
On the web: Novinite
Tags: [ote] [globul] [Bulgaria]
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