A day after reporting poor prospects for 2012, KPN’s chief executive Eelco Blok has bought 50,000 shares in the company, the Financieele Dagblad reports on Wednesday.

The measure is designed to show confidence in the company’s future, the paper says. Blok now owns 115,875 shares in the telecom giant.
The announcement that sales were down sharply in the fourth quarter of last year, and that profits will be down this year led to a 7.2% drop in the price of KPN’s shares on Tuesday.