By: Heba El Kordy

Cairo – Mubasher: Global Telecom’s stock retreated to its lowest level since November 2017 following a 12-day suspension on the Egyptian Exchange (EGX).

By 1:34 pm Global Telecom’s stock dropped 1.82% to EGP 7, leading blue-chip fallers on the bourse.

The EGX decided to resume trading on the telecom company’s stock following a 12-day suspension over the company’s dispute with the Egyptian Tax Authority (ETA).

On Tuesday, Global Telecom said it had not received any new demands from the ETA since the company published its standalone financial results for 2016.

Market analyst Mona Mostafa commented that Global Telecom’s stock will see strong selling pressures in the coming period due to investor concerns over the company’s dispute with the ETA and the fact that no final decision has been announced in this regard.

The 12-day suspension of Global Telecom’s stock will add pressure in the coming sessions, the analyst told Mubasher.

Earlier this month, the EGX-listed telecom firm said it received information that the ETA had confiscated EGP 900 million (around $56 million) from the company’s accounts in local banks over unpaid taxes.

On 4 January, the EGX decided to suspend trading on Global Telecom’s stock pending further information regarding the issue with the ETA.

Translated by: Nada Adel Sobhi