Forgendo, the special purposes vehicle jointly held by communications group Go plc and its major shareholder Emirates International Telecommunications (Malta Limited) on Tuesday announced it has increased its shareholding in Greek telecoms company Forthnet.

Forgendo has acquired a further 1,299, 439 shares in Forthnet, taking its shareholding to 40.71 per cent.

Go’s interim balance sheet last September bore the brunt of a €7.3 million loss from its share of results in the investment in Forthnet which at the time stood at 39.9 per cent.

There was an adjustment to the carrying amount of the investment in Forgendo following the capitalisation of an interest-free loan. The group’s loss before taxation related to Forthnet amounted to €0.65 million, compared to a restated loss of €4.49 million in the first six months of last year.

Go chairman Deepak Padmanabhan had said Go, through Forgendo, had continued to consolidate its position as major shareholder with controlling interest in Forthnet, pointing out the share price did not reflect the true value of the company as it was “heavily under priced”.