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FACTDROP: Greece’s OTE ‘may sell’ unit to pay debts


Greece’s OTE ‘may sell’ unit to pay debts

Πηγή: GTB
April 17 2012

Greek operator OTE, in which Deutsche Telekom has a controlling stake, may sell its Albanian, Bulgarian or Romanian unit to fund debt-servicing, according to local reports. 

OTE is likely to finalise cost-cutting measures by the end of the first half of 2012, as part of efforts to tackle a funding deficit of about €500-€700 million, reports Greek newspaper Naftemporiki. 

One of the potential sales is Cosmo Bulgaria Mobile, a Bulgarian mobile operator which uses the brand Globul. Its revenues saw a slight year-on-year decline in the last quarter of 2011, as its strong performance on handset sales could not make up for lower service revenues.

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