Postal Savings, OTE offerings planned for July

The process toward the privatization of the Postal Savings Bank (TT) and OTE telecom will be concluded by end-July. Economy Minister Giorgos Alogoskoufis and Communications Minister Michalis Liapis yesterday discussed the details of the two placements, since the plan for finding a strategic investor for OTE has now been abandoned. The placement of TT will come first through the accelerated book-building process, with a public offering of 20 percent of its shares so that the state maintains a 50 percent stake from its 65.16 percent today. The same process will follow for some 15 percent of OTE shares. The government is not worried about any possible saturation of the market with the virtually simultaneous placements, suggesting that the institutional investors who choose telecoms are different from those who opt for banking shares. The government committee on privatizations is expected to meet in the first half of next month and give the placements the green light, sources suggested.