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Sun 22 Apr 2012 06:29 PM

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Dubai-owned Malta telco faces shareholder revolt

Senior officials at Malta's GO may face vote of no confidence at AGM on May 9 - report

Dubai-owned Malta telco faces shareholder revolt
(Photo for illustrative purposes only)

A Dubai-owned telecom operator in Malta is facing a backlash from its shareholders over losses the company made investments in Greece.

Senior management at GO, which is 60 percent owned by Emirates International Telecommunications, a joint venture between TECOM Investments and Dubai Investment Group, could face a vote of no confidence, Maltese media reported.

A total of six resolutions have been placed on the company's Annual General Meeting to be held on May 9, Malta Today said.

It said shareholders are challenging the telecom provider to give explanations on company's losses in Greek investment at Forthnet and other property valuations.

The shareholders are calling on the AGM to consider a "vote of no confidence in the present Board of directors and senior executives of the management team", it added.

The call comes in the wake of the publication of GO's financial statements during which it registered a net loss of €45.2m due to the impact of the Greek investments.

The company's annual report showed that the resolutions had the support of shareholders owning no less than five percent of the firm.

GO is Malta’s first quadruple play operator and offers services including fixed line telephony, mobile telephony, broadband internet services and digital and IP television.

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