The Greek telco OTE is preparing to sell its stake in Telekom Romania.
Quoting Ziarul Financiar, Romania Insider reports that in April it decided to increase the capital of Telekom Romania’s mobile arm TMRC, formerly known as Cosmote, by €800 million.
It adds that will effectively waive TMRC’s debt, which previously prevented the merger of OTE’s operations in Romania, and is now likely to speed up the sale of these operations.
The capital increase was approved by shareholders in April and will be undertaken through the issue of new shares.
Significantly, Telekom Romania’s ownership structure will remain unchanged, with Deutsche Telekom-backed OTE retaining 70% and Telekom Romania, in which the Romanian state holds 45.99%, almost all the remaining 30%.
