ECONOMY

Intracom lukewarm on ‘rumors’

Telecoms equipment maker Intracom yesterday denied press reports saying a major global player was considering taking a stake in the company, pushing the stock more than 6 percent lower. In a statement issued in the afternoon Intracom said: «When there are significant events within the sphere of its activities, the company itself will make the necessary announcements.» It added that it «cannot monitor daily rumors, which are transformed into press reports.» Bid speculation had sent the stock up 6.5 percent on Friday and weekend press suggested Siemens, Cisco and Raytheon were the possible candidates for a stake in Intracom. But shares in the company shed 6.15 percent as investors, disappointed there was no confirmation of the reports, sold the stock. The market fell 2.33 percent. In an announcement yesterday, Intracom called its shareholders to an extraordinary general meeting on Monday, April 5, at 9.30 a.m. at the company headquarters in Paeania. Items on the agenda include a «resolution for acquiring the Company’s own shares, through the Athens Stock Exchange, at a percentage of up to 10 percent of its existing shares,» election of new board members and the issuing of a corporate bond. Rumors have been swirling that Intracom owner Socrates Kokkalis, attacked by conservative MPs while they were in opposition for his allegedly overly close ties with the previous PASOK government, will sell the company because it will no longer get preferential treatment in contracts with the State or state-controlled firms such as OTE.