Cairo – Mubasher: Global Telecom Holding (GTH) on Thursday said that the Netherlands-based VEON Ltd has withdrawn its offer to acquire GTH’s assets in Pakistan and Bangladesh for $2.55 million.

GTH’s board of director is considering alternative capital hike initiatives and potential future transactions, according to a filing to the Egyptian Exchange (EGX).

In September, GTH revealed it might not approve VEON’s acquisition offer.

The Dutch company emphasised that it would maintain its offer, however, it is unlikely to be indefinitely available at the time.

In July, the telecom company unveiled it received an offer from VEON Ltd to purchase its assets in Jazz and associated operations for $2.55 billion.