ForthNet to raise EUR120 million in rights issue

21 Mar 2006

Greek alternative fixed line and broadband operator ForthNet has gained the approval of its shareholders to raise EUR120 million through a five-for-four share rights issue priced at EUR5.6 per share. The funds raised are earmarked for the expansion of the telco’s broadband and telephony networks. ForthNet’s expansion plan includes a total investment of EUR250 million, with the remaining EUR130 million being raised through debt and operating cash flows.

Greece, Nova (formerly Forthnet)