Forgendo, the 50:50 joint venture company between GO and Emirates International Telecommunications (Malta) has transferred its entire shareholding of 1,000 shares in Giradena Ltd (equivalent to a 50 per cent shareholding) to its shareholders GO and EITML on a 50:50 basis; and GO and EITML also acquired, on a 50:50 basis, 1,000 shares in Giradena from Massar Investments LLC (the shareholder of the other 50 per cent in Giradena).
As a result of the above, GO and EITML each own 1,000 shares in Giradena. Giradena has further transferred its entire shareholding of 4,335,000 shares in Forthnet to its shareholders 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 held by GO, giving it a total direct shareholding in Forthnet of 22.605 per cent.
All the above 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 independently of EITML.