Switzerland's leading telecommunications operator, Swisscom, says it is to postpone the entry of its Internet services provider, Bluewin, on the Swiss stock exchange.
In a statement on Friday, Swisscom said the initial public offering (IPO) would have to wait until next year because of recent global stock market falls, particularly in technology shares.
Swisscom, which has a 92 per cent stake in Bluewin, said recent developments could jeopardise the success of Bluewin's IPO, which it planned to complete in the second half of this year.
The former Swiss telephone monopoly, whose share prices have come under pressure, said a precise date for the listing would be set later.
A spokesman for Swisscom said the plans to float Bluewin, which is the country's largest Internet services provider, had never been tied to a specific date.
Bluewin has around 500,000 users and registers more than 60 million page views per month.
The remaining eight per cent of Bluewin is owned by the media group, Tamedia.
swissinfo with agencies