Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today announced that a meeting took place on November 2, 2006 at the Romanian Ministry of Telecommunications to review progress on the plan for a public offering (IPO) of the shares of the Romanian Government in Romtelecom. Initially the IPO was scheduled for the first half of 2007.
Participants at the meeting were the two shareholders of Romtelecom, represented on the part of the Romanian Government (46%) by Mr. Zsolt Nagy, Minister of Telecommunications and on the part of OTE (54%) by Mr. Panagis Vourloumis President and Managing Director.
After reviewing the conditions of the market it was mutually agreed that the IPO should be postponed, without setting a new date or time schedule.
The Board of Directors of Romtelecom was notified immediately as was the Board of Directors of OTE. The development does not affect the operations or value of OTE or of Romtelecom.