Belgacom sale raises nearly EUR 4 billion

22 March 2004

BRUSSELS – Belgium’s state-backed telephone company Belgacom raised nearly EUR 4 billion when its shares went on sale to the general public on Monday.

Belgacom said on Monday that it had raised up to 3.59 billion with its share offer.

Company shareholders including SBC Communications, Singapore Telecommunications and TDC sold 133.1 million shares making Belgacom’s Initial Public Offering (IPO) Europe’s biggest since France Telecom sold a EUR 6.3 billion stake in Orange in 2001.

By Monday afternoon, the shares were already being sold at EUR 25.37, compared with their offering price of EUR24.50.

The sale leaves the Belgian government with a 51.6 percent stake in Belgacom, a share it could lower to 50 percent plus one share.

Subject: Belgian news