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31 October, 1998
Bookbuilding and subscriptions abroad were due to come to a close late last night officially, but according to reports there is a clear picture concerning the success of the Hellenic Telecommunications Organization's (OTE) third flotation phase.
Both in Greece and abroad great interest was shown and as a result subscription was covered in Greece by about two times and by one and a half abroad.
Out of a total of 50.4 million OTE shares to be provided, one third will go to Greeks and the two-thirds to foreign investors. The unified sale price will be determined over the weekend after data concerning demand registered in bookbuilding will be jointly assessed. OTE's price was set at 6,400 drachmas at the Athens Stock Exchange yesterday.
OTE's managing director George Chrysolouris will sound the bell at Wall Street on Monday, according to custom, declaring the opening of the meeting. For the first time a Greek share, that of OTE, will constitute an object of negotiation at the New York Stock Exchange.
The initial sponsorship amount of the Agricultural Bank of Greece (ATE), which participated in the processes of OTE's third flotation phase, was covered by about two times.
The amount finally gathered by ATE amounted to 8.5 billion drachmas. An estimated 80 per cent of the amount was covered by the participation of private persons and 20 per cent by institutional investors.
Source: Athens News Agency