Turkish DTH platform Digitürk and its Romanian-based counterpart RCS & RDS SA have dropped plans to list themselves on the London Stock Exchange. Both companies have put the blame on market conditions as banks reassess credit conditions amid huge losses.
Digitürk’s last minute decision – the listing was scheduled for November 9 – had planned to sell 25% of the platform for around $550 million (€380m). It said in a statement there was no time pressure and it would continue to invest in its operations in favour of selling a part of the company below value.
In its statement RCS said it had decided, “not to proceed at this time”. The second largest cablenet in Romania and operator of Digi TV was looking to raise $390-540 million (€273.8-379.1m) to expand the satellite platform overseas.