LISBON, Sept 3 (Reuters) - The European Investment Bank approved a 100 million euro ($142.9 million) financing line for Portugal’s leading pay-TV provider Zon Multimedia ZON.LS to develop new-generation networks, the bank said on Thursday.
Zon, which also provides Internet and fixed-line phone services competing with Portugal Telecom PTC.LS, is upgrading its networks and installing high-capacity fibre connections, in a plan worth a total of 300 million euros.
Zon seeks to have 2.8 million households connected to the fibre network before the end of 2009, up from 1.3 million as of July.
Zon shares were 0.3 percent lower in afternoon trading on Thursday at 4.079 euros, underperforming the broader market in Lisbon, up 1 percent. (Reporting by Elisabete Tavares; Writing by Andrei Khalip) ($1=.7000 Euro)