- OTE
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For other uses, see OTE (disambiguation).
Hellenic Telecommunications Organization S.A.
Οργανισμός Τηλεπικοινωνιών Ελλάδος Α.Ε.
Type Anonymi Etairia Traded as Athex: HTO, OTCBB: HLTOY Industry Telecommunications Founded 1949 Headquarters Maroussi, Greece Area served Greece, Southeast Europe Key people Michael Tsamaz (Chairman and CEO) Products Fixed line and mobile telephony, internet, digital television, IT services Revenue €5.483 billion (2010)[1] Operating income €384.9 million (2010)[1] Profit €39.6 million (2010)[1] Total assets €9.538 billion (end 2010)[1] Total equity €1.653 billion (end 2010)[1] Employees 31,090 (end 2010)[1] Subsidiaries Cosmote, Otenet, OTEGlobe Website www.ote.gr Hellenic Telecommunications Organization S.A. (Greek: Οργανισμός Τηλεπικοινωνιών Ελλάδος Α.Ε.), usually known by its Greek initials OTE, is the dominant telecommunications provider in Greece.[2] Formerly a state-owned monopoly, OTE was part-privatized in 1998 and is now listed on the Athens and New York Stock Exchanges. Since July 2009 Deutsche Telekom is the largest shareholder of the company.
Contents
History
Aerial view of OTE Headquarters
OTE was created in 1949 to bring several related public and private enterprises under one telecommunications umbrella. Prior to this, telephony, telegraphy, local and international connections were fragmented and ill-coordinated.
Up to 1998, the telecommunications market in Greece was a monopoly. The market was opened to competitors and OTE was gradually privatized. As a result, the Greek government currently holds 20% of the company's stock. Along with the rest of the telecoms market, OTE is regulated by the National Telecommunications and Post Commission (Εθνική Επιτροπή Τηλεπικοινωνιών και Ταχυδρομείων - EETT).
In 2007 Marfin Investment Group acquired 20% of the company, and in March 2008 sold it to Germany's Deutsche Telekom which later increased its stake to 25% plus one vote, matching that of the state.[3]
Following the sale of a further 5% in 2009[4] and another 10% in 2011[5] of OTE’s share capital by the Greek state to Deutsche Telekom, the state holds 10% and DT 40%.
Services
The company covers the whole country with PSTN and ISDN telephone lines and also offers ADSL in most urban areas.[citation needed] OTE is a group of companies owning, besides the OTE fixed-line company, an ISP (Otenet), a mobile phone company (Cosmote) and other companies including OTE International Investments which in its turn owns telcos in Southeastern Europe (Bulgaria, the Republic of Macedonia, Romania, Serbia, etc.). On 3 November 2006 OTE sold its 90% stake in the Armenian telecom provider ArmenTel to a Russian company OJSC Vimpel-Communications.[citation needed] OTE also runs a TETRA network.
On July 14, 2009, the company announced its intention to endorse the VDSL technology and then upgrade its optical fiber network to cover the increasing demand of broadband internet services in Greece.[6]
Subsidiaries
OTE is in possession of various daughter-companies, including Cosmote, Otenet and OTEGlobe which offer mobile, ISP and Internet backbone services respectively. The quality of Otenet's services has often been described as 'inadequate'. The poor performance of their networks on Greece's many small islands has drawn considerable criticism, especially.[7][8][9] OTE owns 20% of Telekom Srbija as of 1997.
Other
Area codes can be seen at List of dialing codes in Greece.
References
- ^ a b c d e f "Annual Report 2010". OTE. http://www.ote.gr/portal/page/portal/InvestorRelation/OTEIRMainPage/OTE_OIKONOMIKES_KATASTASEIS_IFRS_Q4_2010_GREEK_home.pdf. Retrieved 5 May 2011.
- ^ "Greece: OTE says Q3 net profit down 19 pct". Associated Press (CNBC). 5 November 2009. http://www.cnbc.com/id/33655191. Retrieved 2009-11-10.[dead link]
- ^ Deutsche Telekom
- ^ Papachristou, Harry; Fragou, Tatiana (18 June 2009). "Greece to sell 5 pct OTE stake to Deutsche Telekom". Reuters. http://www.reuters.com/article/rbssIntegratedTelecommunicationsServices/idUSLI45104020090618. Retrieved 2009-11-10.
- ^ "Greece sells 10 percent OTE stake to Deutsche Telekom". Reuters. Jun 6, 2011. http://www.reuters.com/article/2011/06/06/us-greece-telekom-idUSTRE75523X20110606. Retrieved 2011-06-14.
- ^ IN.gr | πρώτη σελίδα (Greek)
- ^ Athens News, february 2006
- ^ Athens News, june 2007
- ^ Athens News, january 2008
External links
FTSE/Athex 20 companies of GreeceAlpha Bank · Bank of Cyprus · Coca-Cola E.E.E. · Ellaktor · Eurobank EFG · Folli Follie · Hellenic Petroleum · Jumbo · Marfin Investment Group · Marfin Popular Bank · Motor Oil Hellas · Mytilineos · National Bank of Greece · OPAP · OTE · Piraeus Bank · Public Power Corporation · Titan Cement · TT Hellenic Postbank · Viohalco
Categories:- Companies listed on the Athens Stock Exchange
- Companies listed on the OTC Bulletin Board
- Telecommunications companies of Greece
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