On 26 January, 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 in Forthnet S.A. through an acquisition of a further 31,134 shares. Forgendo acquired 13,581 shares on 24 January for a total consideration of €7,876.98 (equivalent to €0.58 per share) and a further 10,005 shares on 25 January for a total consideration of €17,553 (equivalent to €0.57 per share). Following this additional purchase of shares via the Athens Stock Exchange, Forgendo’s equity stake in Forthnet has increased to 41.21%.
In 2010 Forgendo purchased a total of 6,055,685 shares in Forthnet at an average cost price of €1.077. Meanwhile, Forgendo has already acquired a total of 334,283 shares during January 2011 at an average cost price of €0.557 per share.