EIT’s ForthNet stake rises to 44%

6 Jan 2014

UAE-based Emirates International Telecommunications (EIT) has increased its stake in Greek alternative broadband operator ForthNet to 44.022% from 40.0714% previously, it reported to the Athens Stock Exchange. EIT indirectly holds its stake in ForthNet via four companies: Emirates International Telecommunications Malta (EITML), Maltese telco GO, holding company Forgendo and Giradena (which acquired a 2.75% share of ForthNet on 19 December 2013). The note added that Giradena is a Cyprus-incorporated company, which is owned 50% by Forgendo and 50% by Massar Investments. Forgendo, a direct shareholder of ForthNet, is owned 50% by EITML, a company controlled by EIT, and 50% by GO, a Maltese public listed company. EITML further holds a 60% controlling stake in GO. EIT therefore ultimately controls Giradena jointly with Massar Investments.

Meanwhile, on 3 January GO announced that its Board of Directors unanimously resolved to instruct Forgendo to participate in the share capital increase of ForthNet (held over a period in December 2013-January 2014) by directly exercising in full its pre-emption right as an existing shareholder of ForthNet and also exercising its oversubscription right to the extent required in order to ensure that Forgendo retains control of ForthNet.

Greece, Forthnet (Nova), GO