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Veon withdraws Global Telecom’s assets acquisition offer

Thursday 11 October 2018 02:15 PM

Global Telecom Holding.
Global Telecom Holding.

By Ragab Ezz el-Din
Global Telecom Holding said it had received a notification from Veon, the main shareholder, to withdraw its GTH assets acquisition offer in Pakistan and Bangladesh immediately.

The company said in a statement on Thursday that Veon had decided to withdraw its offer to GET for acquiring its assets in Pakistan for $ 2.55 million, noting that the Board is continuing to study alternative financing options.

Veon’s notification of Vision to Global Telecom includes immediate termination of the offer.

In July, Global Telecom Holding said it had received a purchase offer for its assets in GAS and its subsidiaries from d Veon’s  for $ 2.55 billion.

Global Telecom has a EGP 2.7 billion capital, distributed over 4.7 billion shares with a nominal value of 58 piasters each.