On 16 August, GO plc announced that, within the framework of GO’s sales process to TT ML Limited and the ensuing restructuring process, Forgendo Limited (the 50:50 joint venture company between GO and Emirates International Telecommunications (Malta) Limited [EITML]) has transferred its 50% shareholding in Giradena Limited to GO and EITML on a 50:50 basis (i.e. 25% for each of GO and EITML).
In addition, GO and EITML each acquired a further 25% stake in Giradena, bringing their respective total shareholding to 50%. Furthermore, Giradena has transferred its entire shareholding of 4,335,000 shares in Forthnet S.A. to GO and EITML for nil consideration.
As a result of this transaction, GO acquired an additional direct shareholding in Forthnet of 2,167,500 shares. This direct shareholding is in addition to the 22,720,237 shares that GO announced on 29 July 2016 that it had acquired from Forgendo, which means that GO is now the direct owner of a total of 24,887,737 shares in Forthnet (equivalent to a total direct shareholding in Forthnet of 22.605%).
These share transfers have been carried out as part of a restructuring process, which will include the voluntary liquidation of Forgendo and Giradena, to ensure that GO will be able to manage and take all decisions with regard to its investment in Forthnet entirely independently of EITML.