Global Telecom Holding (GTH) announced that it will disclose its consolidated and standalone financial statements for the nine-month period that ended on September 30, 2014 before session start in the Egyptian Exchange (EGX) and London Stock Exchange (LSE) on Wednesday, November 12, 2014.
Investor relations manager Mamdouh Abdel Wahab said earlier that his company will use the full $65 million proceeds from divesting ownership in Telecel Globe Limited, which owns 100% of each of U-COM in Burundi and Telecel CAR in Central African Republic, in repaying debts owed to Vimpelcom.
The official told Al Mal newspaper that GTH’s debts to the Russian company will amount to nearly $600 million, including bank interest, after deducting the proceeds from selling investments in Burundi and Central African Republic in addition to the $4 billion proceeds from divesting Djezzy.
GTH had previously agreed to sell TG to another purchaser in the first quarter of 2013. That purchaser failed to close the deal and forfeited a deposit it had paid to GTH.
The official also stressed that the proceeds from selling GTH stake in Canada’s Globalive, amounting to $135 million, were paid to Vimpelcom as part of direct loans between Globalive and Vimpelcom but were not included in GTH debts that reached $4.5 billion on June 30.
He also said Algeria-based subsidiary Optimo is close to sign a $1 billion credit facility agreement with local banks.
Global Telecom loss narrowed 42.4% in H1 to $130.256 million, compared with $226.334 million in the year-ago period.