Cablenet Communications Systems plc, a subsidiary in which GO holds a 60.26% share, is the first foreign-registered company to have issued €40 million worth of bonds locally.

The bonds were listed on the Malta Stock Exchange on August 21.

The bonds were distributed among a number of intermediaries and GO shareholders and employees.

Cablenet entered into a pre-allocation agreement with a number of local financial intermediaries, whereby an aggregate amount of €32 million worth of bonds were allocated.

A further €8 million were reserved for GO shareholders and employees. The offer to GO shareholders and employees was oversubscribed by over €2.9 million.

Cablenet’s network currently covers approximately 55% of households in Cyprus and offers super-fast broadband, multiple high definition TV channels and fixed telephony from a single connection.

Coverage is being extended as part of a multi-year programme, which also includes ongoing improvements in systems and processes to retain the leading edge in the provision of converged telecom services in the market.

Most recently, Cablenet purchased its own mobile spectrum allowing it to commence the operation of its own mobile network.

The company intends to leverage this transition to significantly enhance its market position in the mobile services market in the coming years, whilst at the same time reinforcing its position as a dominant broadband provider.

The bond offering is expected to support further growth for Cablenet in the coming years.