The Greek government has come up with a plan for the further privatisation of the incumbent telco OTE.
Ekathimerini reports that under it the Finance Ministry will transfer its 5% stake to the state privatisation fund TAIPED.
The latter well then retain 1%, with the remaining 4% going to the Social Security Foundation (IAK).
This will meet the demands of the country’s creditors while at the same time preserve the state’s shareholding rights to OTE, which is majority owned by Deutsche Telekom.
Ekathimerini notes that an agreement struck in 2008 provides the Greek state with special rights, such as a higher number of seats on the board despite its relatively low participation in OTE’s share capital (10%, versus Deutsche Telekom’s 40%). It also gives the Greek state veto rights.
OTE provides pay-TV services in its home market and in Romania, where it holds a majority (54%) stake in the incumbent Telekom Romania.
