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Global Telecom to get $965m from VEON deal

Global Telecom to get $965m from VEON deal
Global Telecom to get $965m from Djezzy deal
Global Telecom
GTHE
5.59% 1.89 0.10

Cairo – Mubasher: Global Telecom Holding (GTH) on Sunday said that if its minority shareholders approve the VEON deal, the company would receive a net sum of $965 million.

Several sums to be repaid will also be postponed, it said in a filing to the Egyptian Exchange (EGX).

The $965 million figure comes after the payment of debts and provisions and can be distributed to shareholders, the company added.

The deal will require the appointment of an independent financial advisor as well as a board review of the independent financial advisor’s report, a recommendation to shareholders, and the setting of a date for an extraordinary general meeting (EGM).

If the deal is approved by minority shareholders, GTH will continue to hold 45.6% of Algerian telecom operator Djezzy.