EIT continuing to up ForthNet stake

13 Jul 2009

ForthNet’s largest shareholder, Emirates International Telecommunications (EIT), has bought nearly 700,000 shares costing EUR1.3 million in the alternative broadband provider so far this month, raising its stake to around 37%. EIT acquired a 21% stake in the Greek firm for EUR93.8 million in January 2008 via Forgendo, a Cyprus-registered joint venture with EIT’s majority-owned Maltese telco GO (formerly Maltacom), before raising its stake incrementally via the Athens bourse. Between 10-25 June 2009 Forgendo acquired an additional 2.9 million common shares in ForthNet for EUR5.3 million, according to TeleGeography’s GlobalComms database. EIT is a joint venture of Tecom Investments and Dubai Investment Group, both part of the Dubai Holding group.

Greece, Forthnet (Nova)