Financial News: Gov't officially launches process to sell 10% of OTE to DT

The Greek government is speeding up procedures to implement an eagerly awaited privatisation programme. Finance Minister George Papaconstantinou on Thursday, in a letter sent to Deutsche Telekom’s management, launched procedures to sell an additional stake of Hellenic Telecommunications Organization to the German operator.
Under the existing agreement, the Greek government has the right to ask the German group to proceed with the purchase of an additional 10 pct stake in OTE. Deutsche Telekom currently owns a 30 pct equity stake in OTE, with the Greek government owning a 16 pct while another 4.0 pct is owned by Greek pension funds.

The Greek government is expected to request that Deutsche Telekom proceed with the purchase of an additional 10-pct equity stake in Hellenic Telecoms Organisation (OTE), probably this weekend, finance ministry sources said on Thursday.

The same sources said the government was expected to launch over the summer several tenders to sell other affiliated public sector enterprises (Hellenic Postbank, Athens Water & Sewerage, the ports of Piraeus and Thessaloniki, Larco, the Horse Racing Organisation, etc).

Commenting on the creation of a state real estate property fund - which will monitor privatisations and the exploitation of the state’s assets - sources said it will be a legal entity with no operating powers, which will also receive some form of technical assistance from the EC-ECB-IMF "troika".

Telecommunications company employees  to strike over planned privatization

The Hellenic Telecommunications Organisation (OTE) trade union OME-OTE on Thursday announced a series of strike mobilizations in response to government plans to proceed with the company’s privatization.
OME-OTE called a 3-hour work-stoppage in the greater Athens region on June 2, while a nationwide 24-hour strike will take place on June 9.
OTE employees will also participate in the nationwide 24-hour strike on June 15 called by trade unions of public-owned companies facing privatization.

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