Egypt’s EGX says Global Telecom purchased shares for $10.2mn

The Egyptian Exchange (EGX) said Thursday Egypt’s Global Telecom Holding (GTH), previously Orascom Telecom Holding, purchased the shares of the shareholders affected by the voluntary delisting for 167.4 million Egyptian pounds ($10.2 million), according to Egypt Today.

The deal was executed through 32.9 million shares, at 5.08 10 pounds per share, according to the statement.

Earlier, the extraordinary general assembly of Global Telecom Holding (GTH) approved voluntary delisting from EGX during a meeting, announcing that the company will buy back shareholders’ shares at 5.08 pounds per share.

On August 18, Global Telecom Holding (GTH) announced the approval of its board of directors to the offer submitted by VEON Ltd. to acquire the company’s assets for $2.3 billion.

The company noted in a filing to the Egyptian Exchange (EGX) that VEON’s offer was 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.

In June, Egypt’s Financial Regulatory Authority (FRA) approved the mandatory tender offer submitted by VEON Holdings B.V. for the purchase of up to 1.997 billion shares in emerging markets telecom operator GTH, representing about 42.31 percent of GTH’s shares, at an adjusted price of 5.08 pounds apiece instead of 5.3 pounds.

Global Telecom Holding’s consolidated profits surged to hit $26 million during the first half of 2019, up from $100,000 during the same half of 2018.

Global Telecom operates within the telecommunication services sector, focusing on wireless telecommunication services.

It has 116 subsidiaries operating across Southern and Central Asia, North America, British Islands, Western Europe, Northern Africa, Eastern Africa, Middle East, and Southern Europe.

Source: Egypt Today