Fanning set to double stake in Smart Telecom

Oisin Fanning, the chief executive of Smart Telecom, is set to double his stake in the telecoms firm when a shares placing with English institutions is completed this week.

29th October, 2005

Oisin Fanning, the chief executive of Smart Telecom, is set to double his stake in the telecoms firm when a shares placing with English institutions is completed this week.

The €40million placing will transform the share register of the Irish telecoms challenger.

It is estimated that Fanning has borrowed over €5 million through a bank loan to secure a 6 per cent stake in the company.

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