Largest Greek telecoms provider OTE to de-list from NYSE: Company

ATHENS: Greece's main telecoms operator OTE on Wednesday said it was de-listing its shares from the New York Stock Exchange in a bid to cut costs, as it announced a plunge in profits for the first quarter.

"OTE's decision to de-list aims to cut operational cost, limit the complexity of financial reporting and concentrate on the Athens Stock Exchange, a market which presents the greatest liquidity for its shares," the company said in a statement.

"OTE estimates that the de-listing procedure will be completed during the second semester of 2010," it said.

Shares in OTE were down 0.5 per cent in morning trading on the Athens stock market.