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.