Lithuania’s telecom giant Telia Lietuva saw its market value surge past the €1bn mark for the first time last week after announcing the launch of its next-generation 5G mobile network for testing in Lithuania in the first fortnight of November.
The price of the company's shares has leapt by 5.3% since the launch of the network on November 10.
Data from the Nasdaq Vilnius Stock Exchange show that Telia Lietuva surpassed the €1bn mark for the first time on November 16.
Telia Lietuva's stock began to rise after the company announced on November 10 that it was the first in Lithuania to start testing 11 5G base stations in the city centres of Vilnius, Kaunas and Klaipeda.
Telia Lietuva CFO Arunas Linge says the new generation connectivity is expected to spur new business models and lead to a qualitative leap in education, medicine or transport.
The company's market capitalisation has increased by a third from €742.8mn in early 2020.
Telia Lietuva is the Baltic countries' second-largest company by market capitalisation after Ignitis Grupe, Lithuania's state-controlled energy group that debuted on the stock market last month. The energy company's market capitalisation currently stands at just over €1.5bn.
Sweden's Telia Company held 88.15% of shares in Telia Lietuva at the end of 3Q20.