ATHENS - Hellenic Telecommunications Organization S.A. (OTE), the Greek telecom giant, has concluded a portion of its share buyback program, purchasing 93,100 of its own shares between Monday and today. The transactions are part of the company's 2024 Own Share Buy Back Programme.
The shares were acquired at an average price of €14.93322, with the total amount spent reaching €1,390,282.39. The buyback activity began on Monday, with 8,000 shares bought at an average price of €14.71620. The buying continued on Tuesday, with 43,100 shares at €14.87740 each, and concluded today with the purchase of 42,000 shares at an average price of €15.03180.
Following these transactions, OTE now holds 7,174,751 of its own shares, which equates to 1.739% of its total outstanding shares. This move is in compliance with the EU Market Abuse Regulation and the Commission Delegated Regulation concerning share buybacks.
The share buyback program is a common strategy used by companies to reduce the number of shares in circulation, which can potentially increase the value of remaining shares and provide support for the stock price.
OTE's announcement did not elaborate on the specific reasons for the buyback or future plans regarding the repurchased shares. The information disclosed is in line with regulatory requirements and is intended to maintain transparency with investors and the wider market.
The Greek telecoms operator is listed on the Athens Stock Exchange, and the buyback details have been provided in accordance with European Union regulations. This announcement is based on a press release statement and aims to inform stakeholders of the company's recent market activities.
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