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ATHENS - Hellenic Telecommunications Organization S.A. (ATH:OTE), commonly known as OTE, has announced the completion of a share buyback program that took place from Monday to Friday last week. The company acquired a total of 83,864 of its own shares, with the transaction forming part of the planned Own Share Buy Back Programme for 2025.
OTE reported that the shares were purchased at an average price of €17.22539, with the total amount spent on the buyback reaching €1,444,590.27. The highest price paid for the shares was €17.36, while the lowest price was €17.11.
Following the week’s transactions, OTE now holds 9,650,249 of its own shares, which represents approximately 2.338% of its total outstanding shares. This move is in line with the regulatory framework set by Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, ensuring compliance with European Union market standards.
Share buybacks are a common strategy used by companies to return value to shareholders, as they can potentially increase earnings per share and return excess cash to shareholders. It is also sometimes used as a signal by company management that they believe the shares are undervalued.
The announcement did not elaborate on the specific reasons for OTE’s share buyback nor on the intended use of the repurchased shares. The company has offered contact information through its investor relations office for further inquiries.
This news is based on a press release statement provided by OTE and disseminated by RNS, the news service of the London Stock Exchange (LON:LSEG). It is intended to inform shareholders and the public about the recent activities of the company regarding its share capital.
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