Dubai Holding seeking control of ForthNet, say sources

18 Jan 2008

According to sources close to the matter, quoted by reporter.gr, ForthNet’s major shareholders have accepted an offer to sell a ‘substantial stake’ to a partnership of Dubai Investment Holdings and Tecom, both subsidiaries of UAE conglomerate Dubai Holding, and a European partner, possibly Malta Telecom. Novator Equities, which controls at least a 10.2% stake in ForthNet, and Cycladic Catalyst Master Fund which holds 8.19% of shares in the firm, were reported yesterday to be in negotiations to sell their stakes to an international investor.

Greece, Forthnet (Nova)