ECONOMY

OTE sells Albanian firm for 50 mln euros

ote-sells-albanian-firm-for-50-mln-euros

Deutsche Telekom-owned OTE on Wednesday announced the sale of its entire stake in Albanian subsidiary Telekom Albania to Bulgarian company Albania Telekom Invest AD for the amount of 50 million euros.

The chairman and chief executive officer of OTE, Michael Tsamaz, said that “the sale of Telekom Albania concludes the successful investment in Albania for OTE Group. It is a strategic decision, in the context of OTE Group’s redefined priorities and growth plans, in order to create value for all shareholders and support sustainable development.

The acquisition of the company by a strong and entrepreneurial investment group ensures its growth and creates the conditions to further strengthen its market position.”