A1 Telekom Austria's radio towers division debuts below reference price (updated)
22/09/2023 08:57
(Adds background, context, share move)
Sept 22 (Reuters) - EuroTeleSites AG ETS.VI shares
made its Vienna stock market floatation opening at 4.31 euros on
Friday, as Austria's leading telecommunications firm A1 Telekom
Austria TELA.VI spun off its radio towers business to
concentrate on its core business.
Books closed on Thursday for EuroTeleSites AG with a final
price of 4.95 euros ($5.27) per share.
A1 Telekom Austria spun off the business to focus on its
core business, including plans to expand optical fibre. In the
process, A1 Telekom Austria is getting rid of one billion euros
of debt, which is transferred to EuroTeleSites AG.
EuroTeleSites AG operates in six countries in Central
and Eastern Europe. Last year it achieved a turnover of 232
million euros ($246.82 million) and earnings before interests,
taxes, depreciation and amortization (EBITDA) of 127 million
euros.
A1 Telekom Austria shareholders were offered one
EuroTeleSites AG share for every four held in A1 Telekom
Austria.
EuroTeleSites AG, which became the latest member of the
ATX Prime index .ATXPRIME , was down 9.09% at 0751 GMT, while
A1 Telekom Austria's stock was up 1.71%.
($1 = 0.9399 euros)
($1 = 0.9393 euros)
(Reporting by Tristan Veyet in Gdansk
Editing by Riham Alkousaa and Rachel More)
((Tristan.Chabba@thomsonreuters.com;))