On 23 December, Forthnet S.A. announced that its largest shareholder Forgendo Ltd (the joint venture company between GO and its majority shareholder Emirates International Telecommunications) increased its shareholding through an acquisition of a further 174,990 shares. These shares were acquired on 21 December for a total consideration of €104,854.01 (equivalent to €0.599 per share). Following this additional purchase of shares via the Athens Stock Exchange, Forgendo’s equity stake in Forthnet has increased from 40.74% to 40.85%.
So far during 2010 Forgendo acquired a total of 5,823,656 Forthnet shares for a total sum of €5,525,540 representing an average cost price of €0.949 per share. Forthnet’s closing price on the Athens Stock Exchange on 23 December was of €0.58.