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Saturday, December 16, 2006

Privatization of Greek Telecommunication Co , OTE

GREEK GOVERNMENT OF MR.KARAMANLIS ON ITS EFFORT TO PRIVATISE COMPANIES OF THE PUBLIC SECTOR ,LATELY IS FOCUSED ON THE PRIVATIZATION OF GREEK TELECOMMUNICATION CO NAMED OTE.
THE STATE ,OWNING 38,5% OF TOTAL SHARES ,BEING THE MAJOR SHAREHOLDER ,HAS AS POLICY SELLING ITS SHARES TO A STRATEGIC INVESTOR.
OTE IS ONE OF THE MAJOR PLAYERS AT THE SECTOR FOR THE TERRITORY OF SOUTHEASTERN EUROPE AND APART THAT IS ALREADY PROFITABLE ,EVEN THAT THE WAY OF PUBLIC ADMINISTRATION ISN'T THE MOST PRODUCTIVE ONE.THE SECTOR IS PROMISING A LOT OF PROFITS FOR THE FUTURE DUE TO THE INTERESTING DEVELOPMENT ,ACCORDING TO THE INTERNATIONAL ESTIMATIONS.A LOTS OF BILLIONS OF EUROS AND DOLLARS ARE GOING TO BE INVESTED FOR THE NEXT YEARS IN INTERNET AND TELECOMMUNICATIONS.
SO ,WE THINK THAT THE POLICY OF THE GREEK GOVERNMENT ,FOR THAT MATER, ISN'T A FRUITFUL ONE ,ESPECIALLY BECAUSE ,THE SECTOR IS CHARACTERISED AS OF HIGH SENSITIVITY AND STRATEGIC.
THE PRIVATIZATION ,IN GENERAL IS A GOOD STEP FOR THE PRODUCTIVITY ,IF IT BALANCES THE INTERESTS OF THE STATE ,PRIVATE SECTOR AND SOCIETY.
BUT HOW THESE TWO DIFFERENT ISSUES, THE PRIVATIZATION ON ONE HAND AND THE STATE CONTROL ON THE OTHER ,CAN PRODUCE PROFITS AND BENEFITS FOR THE SHAREHOLDERS AND THE CITIZENS?
ACCORDING TO OUR OPINION THE COMPANY SHOULD BE DIVIDED IN TWO
1)ONE THAT MANAGES THE MAIN ASSETS,THE NETWORK AND THE TECHNOLOGICAL INVENTORIES
2)ONE THAT MANAGES THE SERVICES TO THE CLIENTS ,THE BILLS ,THE SHOPS AND THE PRODUCTS ,BEING A CLIENT FOR THE ASSET CO.
BOTH SHOULD BE PRIVATIZED IN A DIFFERENT WAY HAVING INTO CONSIDERATION THE EMPLOYEES ,SHAREHOLDERS AND CITIZENS AS FOLLOWING:
1)THE FIRST ONE ,LETS CALL IT THE NETWORK ASSET COMPANY ,KEEPING IN ITS PROPRIETY THE ASSETS COULD SELL 20-30% OF ITS SHARES TO THE OTHER TELECOMMUNICATION COMPANIES IN GREECE ,SO THAT INVESTMENTS FROM THE PART OF THESE CO ,WHICH ARE GOING TO BE OCCURRED FOR ORGANIZING THEIR PRIVATE NETWORKS , TO STOP AND THE CAPITAL FOR THESE INVESTMENTS TO BE TURNED IN OTHER SECTORS OF TELECOMMUNICATIONS,FOR WHICH WE ARE IN A TRUE NEED.
THE STATE SHOULD KEEP A 40-50% OF THE SHARES IN ORDER TO CONTROL THE FEATURED AND AUGMENTED SENSITIVITY OF INFORMATION.
THE REST 20-40% SHOULD BE SHARED OUT TO THE PUBLIC ,THROUGH THE STOCK MARKET EXCHANGE PROCEDURE.
2)THE SECOND ,LETS CALL IT THE DISTRIBUTION SERVICE CO SHOULD BE SOLD TO A STRATEGIC INVESTOR ,HAVING IN MIND A PERCENTAGE TO BE GIVEN TO THE UNION OF THE EMPLOYEES.
ALL THE SHARES SHOULD BE SOLD OUT TO A RELIABLE STRATEGIC INVESTOR.
FROM SUCH A POLICY ALMOST EVERYBODY HAS TO BENEFIT
THE STATE STILL WILL OWN THE CONTROL AND GET PROFITS WHICH WILL BE PROVIDED THROUGH THE ASSET CO. ALSO AN INCREASE FOR WORKING PLACES WILL BE ON DEMAND.WITH THE APPROPRIATE MARKETING METHODS THE INCOME FOR SUCH TRANSACTIONS COULD BE DOUBLED ,IN COMPARISON WITH THE EXPECTATIONS OF TODAY.
THE PRIVATE CO'S LIKE VIVONDI,FORTHNET ETC. WILL USE THE EXISTING NETWORK ,PAYING FOR THE USE OF IT A LOGIC LEVEL OF PRICES,NOT OVERESTIMATED LIKE THEY ARE PAYING TODAY AND THE CAPITAL WHICH THEY ARE GATHERING IN ORDER TO BUILT THEIR OWN NETWORKS WILL BE INVESTED IN SECTORS WHERE THEY WILL FIND MORE PROFITS.ALSO BY PARTICIPATING AS SHAREHOLDERS TO THE ASSET CO ,APART FOR THEY PARTICIPATION IN MANAGEMENT ,THEY WILL PROFIT ALSO.
THE TODAY SHAREHOLDERS WILL PROFIT FROM THE OVERVALUED SHARES WHICH THEY OWN,BECAUSE OF THE WHOLE PROCEDURE.
THE CITIZENS WILL FEEL SAFER , DUE TO THE FACT THAT THEIR COMMUNICATIONS WILL REMAIN SAFE ,UNDER THE CONTROL OF THE STATE AND THEY WILL FIND NEW AND BETTER SERVICES OFFERED TO THEM,IN LOWER PRICES DUE TO THE OPERATION OF A HEALTHY COMPETITION IN THE MARKET.
THE EMPLOYEES WILL MANAGE A PERCENTAGE OF THE DISTRIBUTION CO AND WHY NOT FROM THE ASSET CO ALSO ,WITHOUT LOOSING THEIR POSITIONS ,WORKING IN A MODERNISED SEMI-PRIVATISED ENVIRONMENT,WHICH WILL FOLLOW THE PRINCIPALS OF COMPETITION IN A HUMAN WAY.
IF THE GOVERNMENT CONTINUES TO FOLLOW THE PRESENT POLICY WILL LOOSE A LOT OF SUPPORT ,FOR A SECTOR IN WHICH GREEKS ARE LEADERS AT THEIR TERRITORY.

WRITTEN BY ANGELOS CHARLAFTIS

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