Belgacom share sale raises EUR535 million

29 Oct 2004

The Belgian government says it raised EUR535 million from the sale of 5.3% of national fixed line operator Belgacom, making it one of the latest beneficiaries of a new found investor interest in telecoms stocks. Buoyed by the success of the sale, the government says it now plans to conduct a secondary placing for 19.1 million shares and has valued the shares at EUR28 each, around EUR3.5 more than the price set for Belgacom’s EUR3.6 billion IPO in the spring. Following the financial meltdown of 2001 and 2002, a degree of stability has returned to the telecoms market, in turn generating renewed interest from within the investor community.

Belgium, Proximus