Emirates International Telecommunciations LLC (EITL) has upped its indirect voting rights in Greek broadband operator Forthnet from 37% to 40%, according to a stock market filing.
Last June, EITL and Maltese telco GO increased their combined stake in the…
Emirates International Telecommunciations LLC (EITL) has upped its indirect voting rights in Greek broadband operator Forthnet from 37% to 40%, according to a stock market filing.
Last June, EITL and Maltese telco GO increased their combined stake in the group by an additional 4,316,931 shares via special purpose joint venture Forgendo.
Following the latest transaction, worth E4.67m, Forgendo now owns 39.8787% of Forthnet.
EIT, a joint venture between Tecom and Dubai Investments Group, owns a 60% stake in GO.
Forthnet could may be open to market consolidation, a source familiar with the Greek market told TelecomFinance last month. If it were to come up for sale, it could attract the attention of a local player such as Wind Hellas, which has just been taken over by its senior bondholders from Weather.
Other local ISPs include OTE’s Otenet, Vivodi Telecom and Tellas.
Listed in Athens, Forthnet has a market cap of E66.8m. According to its website, the company’s current shareholders include Forgendo Limited (37.10%), the Research and Technology Unit (4.20%), Cyrte Investments (10.28%), APG Algemene Pensioen Groep NV (12.10%) and other investors (36.32%).
