Greece’s leading alternative broadband operator by subscribers ForthNet has announced that, following a EUR300 million (USD447 million) capital increase, the stake held by its largest shareholder Forgendo (partly owned by Maltese telco GO) has increased to 33.9% from 25.6%. ForthNet also announced that the stakes held by the Foundation of Research & Technology Hellas (FORTH) and Stichting pension fund now stand at 4.2% and 13% respectively, compared to 6.2% and 10% before. ForthNet implemented the capital increase to fund its purchase of cable TV and value-added service providers NetMed and Intervision in April from the Naspers group for a total of EUR490 million.
According to TeleGeography’s GlobalComms database, Cypriot holding company Forgendo is 50/50 owned by GO (formerly Maltacom) and the latter’s majority owner Emirates International Telecommunications (Malta) (EITM, a joint venture of Tecom Investments and Dubai Investment Group, both part of the Dubai Holding group). Forgendo acquired a 21% stake in ForthNet for EUR93.8 million in January 2008 before increasing its ownership incrementally via the Athens stock exchange.