Malta’s telecom GO acquires majority stake in Cablenet

By Stelios Orphanides

Malta’s telecom company GO Plc, increased its stake at Cyprus’s Cablenet Communications Systems, which provides internet, telephone and cable television services, to 51 per cent from a previous 25 per cent, Cablenet said.

GO LOGOAccording to the terms of the deal based on a March 2014 agreement, a €12m loan extended to Cablenet by GO was converted into equity, raising the Maltese company’s stake to 45 per cent before it acquired an additional 6 per cent, Cablenet said in an emailed statement on Wednesday.

Nicolas Shiacolas, Cablenet’s managing director said that “GO’s decision to go ahead with the acquisition of a majority stake in Cablenet confirms the confidence of GO’s board of directors to both Cablenet and Cyprus’s economy”.

Nicolas Shiacolas Cablenet“GO’s Cablenet investment is an excellent example of foreign direct investment which the Cypriot economy is in need of to return to substantial growth,” Shiacolas said, was quoted as saying. “We look forward that the cooperation of the two companies will become even closure and yield important advantages to Cablenet’s subscribers”.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.