ECONOMY

In Brief

Forthnet slumps on rights offer to buy NetMed Forthnet, Greece’s second-biggest provider of Web services, yesterday fell as much 13 percent, the biggest drop since at least October 2000 in Athens trading yesterday after saying it wants to raise 300 million euros in a share sale to fund an acquisition. The company will offer shareholders three new shares for each share held, issuing 116.6 million shares at 2.57 euros apiece, according to a statement. Forthnet agreed last month to pay 490 million euros for Greek and Cypriot pay-TV company NetMed NV to become the first company in Greece to offer high-speed Internet, television and phone services in one package. The price of the new shares is 57 percent below Forthnet’s closing price of 6 euros on May 13, according to an e-mailed statement from Merrill Lynch, which is managing the sale. (Bloomberg) Greece gets three bids for Thessaloniki port Greece’s second-largest port, Thessaloniki Port Authority said yesterday that China’s Cosco Pacific, Hutchison Port Holdings and Dubai Port World had submitted bids to run its cargo facilities. «The first phase of the tender is complete with three of the world’s top port administrators submitting bids,» OLTH said. Dubai ports bid jointly with Piraeus Bank and construction firm Aktor. «The interest of these three investors exceeds any optimistic projection, they have long experience in the world ports industry,» Greek Merchant Marine Minister Giorgos Voulgarakis said. The winners of the tenders for Piraeus and Thessaloniki will operate and expand three of their commercial docks for up to 35 years. The companies have not said when the winners will be announced. (Reuters) Cyprus nuclear energy? The Cyprus Trade and Industry Ministry will prepare a study on the construction of a nuclear reactor on the island, an official was quoted as saying by Alithia newspaper yesterday. He said the government had received offers for the production of «amazingly» cheaper electric power from companies which would build the plant and ensure the safe disposal of nuclear waste. The official added that the new plants could also help with the island’s sorely needed desalination facilities. THY Turkish Airlines is aiming to grow by at least 15 percent a year for the foreseeable future despite the global downturn affecting many of the world’s airlines, according to its chief executive. «As a rule of thumb, we want to grow by at least 15 percent a year,» CEO Temel Kotil told Reuters, referring to passenger numbers and revenue per kilometer, expected to be up 18 percent and 22 percent respectively in 2008. He added the airline, 49 percent-owned by the Turkish government, will finalize plans to buy aircraft for the period 2010-2014 later this year, and aims to expand its 122-strong fleet by 10 percent annually. (Reuters) Navibulgar sale The Bulgarian government gave the green light to German-led consortium KG Maritime Shipping to buy 70 percent of state maritime operator Navibulgar for 440.1 million levs ($349 million) yesterday, the cabinet said. (Reuters)