On 29 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 159,629 shares. Forgendo acquired 109,830 shares on 27 December for a total consideration of €62,449.34 equivalent to €0.569 per share and a further 49,799 shares on 28 December for a total consideration of €28,001.98 equivalent to €0.562 per share. Following this additional purchase of shares via the Athens Stock Exchange, Forgendo’s equity stake in Forthnet has increased from 40.85% to 40.95%.
So far during 2010 Forgendo acquired a total of 5,983,285 Forthnet shares for a total sum of €5,615,991 representing an average cost price of €0.939 per share. Forthnet’s closing price on the Athens Stock Exchange on 29 December was of €0.58.