GO’s shareholding in Forthnet is currently valued at approximately €14 million, according to the current share price of Forthnet on the Athens Stock Exchange – a far cry from the estimated €125 million it invested in the Greek telecoms company in past years.

Over the past year rival Greek firm OTE showed interest to buy Forthnet’s TV business while Wind and Vodafone, which own 40 per cent of Forthnet, made a joint bid to buy the rest of its shares. Both OTE and Wind/Vodafone made non-binding bids which could result in as much as €40 million for GO’s share.

However, the process to turn these into formal bids has been held up by the political and economic turmoil in Greece.

This is the reason why GO, which holds the shares in Forthnet through its 50 per cent stake in Forgendo, last year reclassified the investment as being “held for sale” and said that the “highly probable” sale was expected to be completed within 12 months. On its books, the investment in Forthnet is only valued at €6.6 million – and even that is subject to impairment testing.

The process to turn non-binding bids into formal ones has been held up by the turmoil in Greece

Save for €6.6 million, all the amount invested has been written off. Any money beyond €6.6 million that might be recovered from the eventual sale of Forthnet will be a bonus to shareholders. It remains to be seen how things will develop now that GO’s majority owners, EIT, have declared that they intend to sell out their 60 per cent stake.

Sources told The Business Observer that Forthnet would be incredibly difficult to value in the current situation – which might influence a prospective buyer for GO.

GO recently transferred around €50 million worth of property into a separate company – Malta Properties Co. Ltd – which will be listed separately on the Malta Stock Exchange. EIT said it intends to retain its shareholding in this new company.

EIT is the primary investment vehicle in telecommunications for Dubai Holding. In 2011 it divested 14 per cent of the 40 per cent shareholding which it then held in Axiom, the UAE-based mobile handset retailer and distributor, and earlier this year it sold its investment in Interoute.