Belgacom shareprice announced

8 March 2004

BRUSSELS – Shares in Belgium’s state-backed telecoms company Belgacom will cost between EUR 23 and EUR 26.5 each when they go on sale later this month, the firm announced on Monday.

Belgacom made the announcement as it kicked off a countrywide ‘roadshow’ that will run until 19 March and is designed to sell the merits of Belgacom shares to the general public.

Belgacom hopes its forthcoming Initial Public Offering (IPO) will raise the best part of EUR 4 billion after shares go on sale on 22 March.

The Belgacom IPO, which was announced last week, is the biggest in Europe since 2001, when France Telecom sold a EUR 6.3 billion-share in mobile phone operator Orange.

The shares being put up for sale belong to ADSB, a consortium made up of US operator SBC, Singapore’s SingTel and TDC from Denmark.

The Belgian state will retain its controlling stake in the company of 50 percent plus one share.

Belgacom itself, which holds the remaining 3.1 percent of stock, will buy back EUR 1 million of shares at the issuing price just before the IPO.

Subject: Belgian news