Telecoms group Go plc is still waiting for “clarity” and further developments before it takes decisions on its stake in Greek group Forthnet which is talking to a rival over a sale of parts of its business, a spokesman for the company said yesterday.

A month ago, Greek telecoms group Wind Hellas submitted an offer for the fixed line and broadband business of its competitor Forthnet; the companies had been reported to be in talks for months.

If the sale is sealed, Wind Hellas would become Greece’s second largest fixed-line and internet services provider. Wind Hellas’ bid does not include Forthnet’s pay TV network Nova.

But in Malta, Go plc is still waiting for the prospectus relating to Forthnet’s planned €30 million rights issue – the publication of which has been expected since Forthnet shareholders approved the issue in August – before it takes a decision on whether to participate. Forgendo, a joint venture between Go and its parent Emirates International Communications, is Forthnet’s largest shareholder.

“We do not know how a sale to Wind Hellas would affect Forthnet’s rights issue,” a spokesman for Go told The Times Business yesterday. “As soon as there is clarity on the situation, Go will assess its position. We are waiting for the prospectus to be published.”

“A company which is willing to buy Forthnet’s fixed line and broadband portfolio is throwing Forthnet a lifeline, as it would bring badly needed revenue,” sources said yesterday. “Greece is what it is. Go’s shareholders think it is madness to pour more money into Greece and management time should be dedicated to Malta and Go’s business.”

Go, which has around 8,000 shareholders, has been negatively impacted by its holding in Forthnet in recent years, with impairments denting the healthy operating profits of its local quad-play business. Its ill-fated investment in Greece has been largely written off.