MIG increases Hellenic Telecom holding

MIG increases Hellenic stake to 17.07% from 16.87% making it the second largest shareholder after the government.

The stake in Hellenic Telecom breaks down into a 6.51% direct holding and another 10.56% held indirectly via total return equity swaps.

Although, Marfin Investment Group (MIG) did not name the parties with which it holds the swaps, on an earlier occasion it did say that a 4.4% stake was held indirectly via Germany’s Commerzbank.

MIG has been building up its stake in the telecom company for several months. Meanwhile, the Greek state, which holds 28.03% of Hellenic Telecom, said it plans to reduce its shareholding sometime in the future.