Saturday 24 June 2017

32 - GO CIPA IMG

GO recognised for investment in Cyprus

GO plc has won an International Investment Award from the Cyprus Investment Promotion Agency (CIPA). The award recognises GO’s positive impact on the Cypriot telecommunications market through its investment in Cablenet, the leading privately owned broadband provider offering broadband internet access, fixed telephony and digital HD TV services. GO’s Chairman Deepak Padmanabhan (pictured above) received the award during a ceremony held at the Presidential Palace in Nicosia attended by H.E. President Nicos Anastasiades.
The CIPA International Investment Awards, organised together with leading Cypriot business publication Gold Magazine, honour international investors, individuals and companies for their substantial contribution to the Cypriot economy. Since 2012, a total of 36 CIPA International Investment Awards have been presented to organisations that have invested directly in Cyprus and created a value-added element for the economy, or established operations and provided employment in Cyprus, or provided services to international investors and helped to attract other foreign investors to Cyprus.
GO’s investment in Cyprus began in 2014 with the acquisition of 25 per cent of the issued share capital of Cablenet, together with the provision of a €12,000,000 loan which was convertible into equity and, moreover, an option to acquire majority control should it wish to do so. In January 2016, GO’s Board agreed to proceed with converting the loan to equity and to also exercise the option to acquire majority control.
Mr Padmanabhan said: “GO’s investment in Cablenet is a win-win opening up opportunities to share knowledge and develop business opportunities and growth across our Group. It is indeed a great honour to see our investment, and the significant progress Cablenet has made over the past two years, recognised by the CIPA.”

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