ATHENS - Hellenic Telecommunications Organization S.A. (OTE), the Greek telecom giant, has concluded a week-long share repurchase, acquiring 66,753 of its own shares. The buyback took place between December 30, 2024, and January 7, 2025, as part of the company's Own Share Buy Back Programme for the year 2024.
The company's recent acquisition of shares was executed at varying prices throughout the week. On the first day, 22,906 shares were bought at an average price of €14.6595, with the cost per share ranging from €14.63 to €14.70. The following day, 20,578 shares were purchased at an average of €14.6178 per share. The buying continued into the new year with 7,068 shares acquired on January 2, 2025, at an average price of €14.7449, and 11,000 shares on January 3 at €14.6992 per share. The buyback concluded on January 7 with 5,201 shares at an average price of €14.7532.
The total expenditure for this buyback operation amounted to €979,235.02, with an overall average price of €14.66953 per share. Following these transactions, OTE now holds a total of 7,081,651 of its own shares, equivalent to 1.716% of its total outstanding shares.
This move aligns with the EU market regulations, specifically Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, which govern share buybacks and ensure transparency and fairness in such financial activities.
Share buybacks are a common strategy used by companies to return value to shareholders, as they can potentially increase earnings per share and the value of remaining shares by reducing the supply.
The announcement, which details the completion of the share repurchase, is based on a press release statement and was disseminated by RNS, the news service of the London Stock Exchange (LON:LSEG). OTE's action reflects a strategic use of its capital, and the company has made this information available through its investor relations contacts.
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