Reykjavik Fibre Network chooses Nokia for fibre network upgrade

▤ Summary

However, the telco announced it intends to reduce investments until a result is obtained in the planned share capital increase, which has been significantly delayed. As a result, the optical fibre is now entirely owned by Orkuveitinn, but the authorisation to increase the share capital and sell it is valid until the end of the current year. Over the past few months, Reykjavik Fibre Network’s managers have had briefings with domestic and foreign investors in the market. Commenting on the delay to the plans to increase the share capital Reykjavik Fibre Network chief executive Einar Þórarinsson said: “The purchase of Sýnar’s core network was important for the development of Ljósleiðar, strengthened competition and increased electronic communications security in the country. The share capital increase was clearly designed to strengthen the finances in connection with this investment and other profitable developments for the future.” He added: “We are looking forward to having a conversation with the new co-owners of Orkuveitunna about the company’s continued development, as the need for a reliable telecommunications infrastructure is only growing.” According to local media reports, further fibre investment will hinge on the much-delayed share capital increase.

▦ Linked Companies

Nokia Corporation

$1B+