On 4 January, it was revealed by Forthnet S.A. 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 72,400 shares. Forgendo acquired 52,000 shares on 30 December for a total consideration of €29,759.60 (equivalent to €0.572 per share) and a further 20,400 shares on 31 December for a total consideration of €11,827.92 (equivalent to €0.58 per share). Following this additional purchase of shares via the Athens Stock Exchange, Forgendo’s equity stake in Forthnet has increased from 40.95% to 41%.
During 2010 Forgendo acquired a total of 6,055,685 Forthnet shares for a total sum of €5,621,578 representing an average cost price of €0.928 per share. Forthnet’s closing price on the Athens Stock Exchange on 5 January was of €0.57.