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Greece’s OTE ‘may sell’ unit to pay debts
17 April 2012
OTE considers selling one of its units in Albania, Bulgaria or Romania to tackle debts
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. GTB
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