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Altec To Request Suspension Of Trade

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Trading of Altec and Microland shares will be realised as normal, despite a request by the company for a provisional suspension. Sources told Capital.gr that Athens Stock Exchange and the Hellenic Capital Market Commission estimated that, following an announcement by Altec, investors are well informed regarding the latest developments and that there is no reason to suspend trade of the two stocks.

Earlier today, Capital.gr reported:

Altec Telecoms resorts to justice to prevent the provisional halt of the interconnection circuits it uses by OTE, sources said. At the same time, the parent company Altec will ask Athens Stock Exchange for the provisional suspension of Altec and Microland shares, until the issue is resolved.

 

Reliable sources told Capital.gr that Altec will apply for interim protective measures against OTE, so that the incumbent operator does not implement its decision to “switch off” the connection circuits provided to Altec Telecoms, due to the latters overdue debts.

 

While OTE claims that Altec Telecoms owes 20 million euro, the latter recognises only a 12.5 million euro debt. According to Altec, the difference is attributed to problems at OTEs tariffing system.

A high ranking Altec Telecoms executive told Capital.gr that for the last two months the company tries to reach a new settlement regarding its obligations to OTE. Some days ago an initial agreement was reached for the payment (in cash and letters of guarantee) of 10.2 million euro, so that Altec Telecoms overdue debts could be covered, however OTE demanded for the payment to be effectuated within 24 hours. This was not possible on technical grounds, and OTE cut some of the circuits on Friday.

The same source said that OTEs stance is biased against Altec Telecoms, since other companies and public agencies with debts towards OTE are not treated in the same way.

OTE, for its part, insists that it has made every effort possible to reach an agreement, but Altec Telecoms failed to comply and warns that the same policy will be applied to every operator who fails to meet its obligations.

 

In the past OTE has halted the interconnection circuits it provides to other operators like Lannet and Teledome.

In the meantime, Altec will request the provisional suspension of trade of its stocks in order to protect its 35 thousand shareholders, sources said.

 

In 2007 Altec Telecoms posted turnover of 55.7 million euro, compared to 39.2 million euro in 2006 and losses after taxes of 14 million euro (compared to 3.8 million euro in 2006)/

Nikos Chrissikopoulos

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