Egypt’s Global Telecom Holding, previously Orascom Telecom Holding, has paid the second installment of the tax settlement amounting to $82.3 million, Head of the Egyptian Tax Authority Abdel Azim Hussein told Egypt Today on Tuesday.
Hussein said that this comes within the initiative conducted by the Ministry of Finance represented by the Egyptian Tax Authority to end any tax dispute with taxpayers amicably to stabilize the financial and tax centers of companies operating in Egypt and to stimulate investment.
Upon the ministry’s initiative, an agreement between the Tax Authority and Global Telecom was signed in June to settle the tax dispute between the company and its subsidiaries and the Egyptian Tax Authority.
The agreement stipulates that Global Telecom will pay its tax dues as well as its subsidiaries’ dues to the public treasury until December 31, 2018,amounting to a total of $136 million in two installments; the first installment is worth$53.7 million and was paid with the signing of the agreement, and the second is worth $82.3 million and was paid Monday, September 9.
Hussein added that Minister of Finance Mohamed Ma’itemphasized the need to resolve this tax dispute amicably, to confirm to the Egyptian and international business community the Egyptian state’s keenness to resolve disputes with companies operating in Egypt agreeably,while preserving the public treasury rights.
The Egyptian Exchange’s listing committee approved on Sept. 9 the final delisting of Global Telecom Holding’s shares, represented in seven issues, from the Egyptian securities list, in light of the company’s commitment to the provisions of the optional deletion.
The Egyptian Exchange (EGX) announced on Sept. 5 that Global Telecom Holding (GTH) purchased the shares of the shareholders affected by the voluntary delisting for LE 167.4 million. The deal was executed through 32.9 million shares, at 5.08 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.
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.