ATHENS - Hellenic Telecommunications Organization S.A. (OTE), the Greek telecom giant, has concluded a share repurchase program this week, acquiring a total of 350,390 of its own shares. The buyback took place over five consecutive trading days, starting Monday and concluding today, as part of the company's planned Own Share Buy Back Programme for 2024.
The company's buyback initiative, which was conducted on the Athens Stock Exchange, saw OTE purchasing shares at varying prices throughout the week. The average price paid per share was €14.70953, with the total amount spent on the repurchase reaching €5,154,072.24. The highest price paid for a single share during the period was €14.96, and the lowest was €14.46.
As a result of this transaction, OTE now holds 6,979,898 of its own shares, which represents approximately 1.691% of its total outstanding shares. The repurchase program aligns with the EU market regulations, specifically Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, which govern such activities within member states.
This strategic move by OTE is a common practice among publicly traded companies, allowing them to return value to shareholders, potentially increase earnings per share, and show confidence in the company's value. Share buybacks can also provide support for a company's share price in the market.
The announcement of the completed share buyback was made in accordance with the relevant EU regulations and has been disseminated by RNS, the news service of the London Stock Exchange (LON:LSEG). OTE has made it clear that further information regarding the buyback and the company's financial strategies can be obtained from their Investor Relations office.
The completion of this share buyback program is a significant financial maneuver for OTE, as it reflects the company's ongoing efforts to manage its capital and shareholder value. The information for this article is based on a press release statement.
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