|18 August, 2019

Egypt's Global Telecom approves VEON’s $2.3bln asset transfer offer

Global Telecom Holding's EGM will be held on September 9

A trader works at the Egyptian stock exchange in Cairo, Egypt, . REUTERS/Mohamed Abd El Ghany

A trader works at the Egyptian stock exchange in Cairo, Egypt, . REUTERS/Mohamed Abd El Ghany

REUTERS/Mohamed Abd El Ghany

Cairo –  Global Telecom Holding’s (GTH) board of directors approved the offer submitted by VEON Ltd. to acquire the company’s assets for $2.3 billion, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The board approved VEON’s offer to acquire the company’s stakes in Jazz, Banglalink, Djezzy (including MedCable), and Mobilink Bank for PKR 313.335 billion ($1.95 billion), BDT 24.916 billion ($0.29 billion), DZD 70.195 billion ($0.59 billion), and PKR 14.741 billion ($0.092 billion), respectively.

The board also decided to postpone the extraordinary general meeting (EGM) related to the asset transfer offer to be held on 9 September instead of 17 August.

It is noteworthy that the EGX decided to delist GTH’s shares as of 14 August.

The EGX announced the closure of the mandatory tender offer submitted by VEON for the purchase of up to 1.997 billion shares in emerging markets telecom operator GTH, representing about 42.31% of GTH’s shares, at an adjusted price of EGP 5.08 apiece instead of EGP 5.3.

Source: Mubasher

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