Eircom opts against stock market listing ‘at this time’

22 Sep 2014

Ireland’s former monopoly fixed line operator Eircom has decided not to proceed with a stock market listing ‘at this time’, with its shareholders reportedly hoping to realise a better return on their investment sometime in the future, reports Reuters. Dublin-based Eircom, which filed for examinership (similar to Chapter 11 bankruptcy protection in the US and administration in Great Britain) from creditors just two years ago, said last month it was seeing ‘early signs of commercial momentum amid stabilising earnings’. However, having appointed Goldman Sachs and Morgan Stanley in April this year to advise on what would have been its third public offering in 15 years, the operator has now decided against the plan. ‘As highlighted at our full year results, there are encouraging signs of positive momentum in the business. Our primary focus over the coming months will be to accelerate this momentum,’ the telco said in a statement. ‘We have discussed this decision with our key shareholders. These shareholders expressed their clear preference to continue participating in the upside from the significant network investment made in recent years, which has only recently begun to manifest itself in the company’s financial results,’ the statement read.

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