Go has finalised the acquisition of 25 per cent shareholding in Cablenet Communications Systems Limited from Nicolas Shiacolas, beneficial owner of Cablenet’s entire issued share capital.

Go will be acquiring the shareholding in exchange for a convertible loan of €12 million to Cablenet which, at Go’s option, may be converted into equity so that, upon conversion, Go’s total shareholding would be equal to 45 per cent of Cablenet’s issued share capital.

Go also has the option to acquire majority control of Cablenet in the future should it wish to do so.

Cablenet was the first Cypriot operator to offer a triple-play package covering TV, fixed telephony and high-speed internet access. It offers packages which include broadband internet access, fixed telephony and digital HD TV to more than 43,000 subscribers.

Go will be appointing Yiannos Michaelides, Nikhil Patil and Edmond Brincat to Cablenet’s board of directors.

Go will also be appointing Francis Galea Salomone as Cablenet’s company secretary.

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