Belgium Plans to Float its National Carrier

Belgium's Belgacom has announced plans for an IPO next year as soon as the government has passed a law permitting the sale. The move has apparently been accelerated due to pressure from the company's 50% shareholders who wish to realize their investment in the company. The IPO is expected to take place in the period from January 2004 to July 2005.

Belgacom's foreign investors are the USA based SBC Communications, Singapore's SingTel and Denmark's TDC, who jointly own just under half of the company.

Bankers had valued Belgacom at US$11.7 billion, Belgacom Chief Executive Officer Didier Bellens said in June, so the three investors can look forward to a near US$6 billion windfall from the planned sale of their holdings.

The shareholding in Belgacom is owned through the ADSB consortium. ADSB owns 50 percent minus one share of Belgacom. It is the intention that all shares in the ADSB consortium are to be included in the IPO."

Posted to the site on 6th October 2003