By Stelios Orphanides
Malta’s telecom company GO Plc, increased its stake at Cyprus’s Cablenet Communications Systems, which provides internet, telephone and cable television services, to 51 per cent from a previous 25 per cent, Cablenet said.
According to the terms of the deal based on a March 2014 agreement, a €12m loan extended to Cablenet by GO was converted into equity, raising the Maltese company’s stake to 45 per cent before it acquired an additional 6 per cent, Cablenet said in an emailed statement on Wednesday.
Nicolas Shiacolas, Cablenet’s managing director said that “GO’s decision to go ahead with the acquisition of a majority stake in Cablenet confirms the confidence of GO’s board of directors to both Cablenet and Cyprus’s economy”.
“GO’s Cablenet investment is an excellent example of foreign direct investment which the Cypriot economy is in need of to return to substantial growth,” Shiacolas said, was quoted as saying. “We look forward that the cooperation of the two companies will become even closure and yield important advantages to Cablenet’s subscribers”.