Bulgarian Telecom Companies Announce Price Hike in Response to Inflation
Bulgarian telecommunications companies are set to implement price increases this year, citing the impact of inflation
OTE, Greece's biggest telecoms operator, may halt a planned sale of its Bulgarian unit, Globul, after it successfully refinanced debt, company officials said.
Executives said Thursday that the sale of the Bulgarian unit, which may draw a bid from Turkey's biggest mobile operator, was not as pressing after the company tapped international markets for financing to pay debts due this year and next.
"The problem we had for refinancing mostly has been solved," Chief Executive Michael Tsamaz has told analysts, as cited by Bloomberg.
"The process we have for Globul has not stopped, it continues. However, we have to rethink the situation and reconsider the situation and decide based on the best of the shareholders' interest."
Globul accounts for about 7% of OTE's sales and about 9% of earnings before interest, tax, depreciation and amortization (EBITDA).
OTE's chief executive said late last year Globul required a lot of investments, which OTE might not be able to provide, to remain competitive in a cut-throat Bulgarian market where customers are increasingly switching to cheaper services such as pre-paid offers.
In Bulgaria, Globul competes with Telekom Austria Mobiltel and Vivacom, recently acquired by Bulgarian banker Tsvetan Vasilev, and Russia's VTB Bank.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
As the summer season draws near, the issue of staffing in the tourism sector in Bulgaria comes to the forefront once again, with the workforce having to depend on individuals from foreign countries for yet another year
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
Deputy Minister of Transport and Communications, Anna Natova, announced the commencement of construction for an outdoor parking lot at Terminal 2 of Sofia Airport
The Nuclear Regulatory Agency (NRA) has greenlit the phased transition to a new type of nuclear fuel for Unit 5 of Kozloduy Nuclear Power Plant (NPP), manufactured by Westinghouse
Experts suggest that Bulgaria's admission to the Eurozone is more realistic in January 2026
Vacationing at the seaside, whether in our country or abroad, is reasonably priced
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022