On 10 January, it was revealed by the Athens Stock Exchange that its largest shareholder Forgendo Ltd (the joint venture company between GO and its majority shareholder Emirates International Telecommunications) increased its shareholding in Forthnet S.A. through an acquisition of a further 69,640 shares. Forgendo acquired 40,000 shares on 4 January for a total consideration of €22,800 (equivalent to €0.57 per share) and a further 29,640 shares on 5 January for a total consideration of €16,598.40 (equivalent to €0.56 per share). Following this additional purchase of shares via the Athens Stock Exchange, Forgendo’s equity stake in Forthnet has increased from 41% to 41.04%.
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.