Head of OTE Michael Tsamaz Verifies Interest in Forthnet Group

oteSpeaking at an ordinary general meeting of shareholders of telecommunication company OTE on Tuesday, its chairman and CEO Michael Tsamaz confirmed OTE’s interest in Forthnet group. Tsamaz commented that OTE is watching all market developments and is making contacts “so as to view and understand what these developments mean for us and for the broader Greek market”.

Forthnet is a large privately owned group especially strong in triple play services, providing broadband and satellite pay-TV services with a multitude of dedicated TV channels.

Tsamaz also said that “OTE’s transformation into a modern technology provider is a fact”, adding that “OTE’s ability to overcome obstacles, address its weaknesses, view crises as growth opportunities, as well as plan and implement a focused strategy to the benefit of the customers, sets new standards for the market as a whole”.

The head of OTE predicted, that the Greek telecommunications market will gradually be dominated by “two-three players”, noting the benefits of a concentrated market with companies able to invest in growth.

In reference to financial year 2013, Tsamaz stressed that OTE saw significant progress at all levels, emphasizing the reduction of operational costs achieved and the sizable decline in net borrowing to around 1.5 billion euros, comparable to OTE’s yearly EBITDA. Chamaz noted, that in the coming four years OTE will invest 1.2 billion euros, mainly in new generation networks. For 2014, OTE’s ambitious goal is to provide VDSL internet access to 30% of the population and 4G access to 70% of the population.