ATHENS - Hellenic Telecommunications Organization S.A. (OTE), the Greek telecommunications provider, announced the completion of a share buyback program within the past week, acquiring a total of 280,916 of its own shares. The buyback took place over five days, from Monday to Today, as part of the company's Own Share Buy Back Programme for 2024.
During the buyback period, OTE purchased shares at an average price of €15.00921, with the lowest and highest purchase prices per share being €14.73 and €15.20, respectively. The total amount invested in the buyback was €4,216,327.97.
As a result of the buyback, OTE now holds 6,049,691 of its own shares, representing 1.466% of the total outstanding shares. The buyback initiative is in line with the regulatory framework set by the European Union, specifically Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.
The company's investment in its own shares is a common practice among publicly traded companies, often aimed at reducing the number of shares in circulation, which can potentially increase the value of remaining shares and return value to shareholders.
This strategic move by OTE underscores the company's ongoing efforts to manage its capital and provide value to its investors. The announcement was made in accordance with EU regulations and disseminated via RNS, the news service of the London Stock Exchange (LON:LSEG).
Investors and analysts following OTE will likely monitor the impact of the buyback on the company's share performance in the coming weeks and months. It is important to note that this article is based on a press release statement from the company and does not include any promotional content or endorsement of the company's actions.
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