Shares in Kingston Communications showed a modest gain today, rising as high as £3.44 from a starting price of £3.25, on the Hull based telco’s first day of trading on the London Stock Exchange.
In excess of three million shares had changed hands by this afternoon.
Kingston had been wholly owned by the Hull City Council for almost 100 years, but councillors voted to sell off part of the business in order to raise funds for expansion in January. see Newswire 28 January)
Until last year, Hull had a monopoly in its local area but an Oftel ruling opened the market up to competition, at the same time allowing Kingston to compete elsewhere in the UK.
Hull Council has retained a majority stake in the business.
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