Greece to Reduce OTE Stake

The Greek government is planning to reduce its holding in Hellenic Telecommunications Organization (OTE), the Greek general telecoms company. The government is planning to sell 8%, bringing its holding down to 33.7%. The shares will be offered to institutional investors in an accelerated bookbuilt placement. Deutsche Bank and Morgan Stanley are acting as Joint Bookrunners for the placement and EFG Telesis is acting as Joint Lead Manager.

Mr. Lefteris Antonacopoulos Chairman and CEO noted, "We welcome this development and especially the fact that this placement will remove the overhang in OTE shares."

OTE's shares are listed on the Athens and New York Stock Exchanges.'"

Posted to the site on 14th June 2002