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Greek lawmakers allow state to move ahead with OTE share sale
Fawad Maqsood
18 Oct, 2016
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Copyright Reuters, 2016
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![](https://i.brecorder.com/images/2016/10/greece-flag.jpg">ATHENS: Greek lawmakers agreed on Tuesday to remove parliament's right to veto any change in a shareholders' agreement controlling telecoms group OTE , paving the way for the state's sale of a 5 percent stake worth some 200 million euros ($220 million). </P><P>OTE is 40 percent-owned and managed by Deutsche Telekom with the state holding a 10 percent stake. </P><P>The state has the right under the shareholders' agreement to appoint five members of the 11-member board as well as having the final say over crucial management decisions. The rest of the company is owned by private investors. Opposition lawmakers had accused the government of planning to sell the OTE shares at a time when stock market prices are very low but Parliament on Tuesday approved an amendment to the OTE shareholders' agreement, stipulating that any further changes would no longer need its approval. </P><P>Under its third international aid programme, Greece has agreed an ambitious privatisation scheme, including the sale of half its shares in OTE. But it first needs to transfer the 5 percent stake to its privatisation agency HRADF. HRADF will then proceed with the sale but the timing is still unknown and Deutsche Telekom has a right of first refusal on any offer. </P><P>)
