ATHENS - Hellenic Telecommunications Organization S.A. (ATH:HTO), known as OTE, has concluded a share repurchase program this week, acquiring a total of 414,128 of its own shares. The buyback occurred between Monday and Today, with the organization spending approximately €6.16 million at an average price of €14.87 per share.
The transaction was part of OTE's 2024 Own Share Buy Back Programme, which is a common practice for companies seeking to reduce their share capital and increase the value of remaining shares. The shares were bought at prices ranging from €14.68 to €15.28, reflecting the daily market fluctuations.
As a result of the buyback, OTE now holds 5,768,775 of its own shares, representing 1.398% of its total outstanding shares. The move aligns with the regulatory framework set by the European Union, specifically under Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, which govern market abuse and conditions for buyback programs and stabilization measures.
The share repurchase program is a strategic financial decision, and OTE's management has not disclosed any further plans regarding the acquired shares. The company's actions are in compliance with the European Parliament and Council regulations, ensuring transparency and adherence to market rules.
The information regarding this share buyback was provided by RNS, the news service of the London Stock Exchange (LON:LSEG), and is based on a press release statement from OTE. Investors and stakeholders have been advised to direct any inquiries to OTE's investor relations contacts provided in the announcement.
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