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EGX suspends trading on Global Telecom

EGX suspends trading on Global Telecom
Any information included in the FV report is important and may affect the decisions of shareholders
Global Telecom
GTHE
5.59% 1.89 0.10

Cairo – Mubasher: The Egyptian Exchange (EGX) has suspended trading on Global Telecom Holding’s (GTH) stock as of Sunday, 14 October until the company reveals the fair value (FV) of its assets.

The FV report is not related to the Dutch VEON Ltd which withdrew its offer to acquire GTH’s assets in Pakistan and Bangladesh, according to a statement by the Financial Regulatory Authority (FRA) on Sunday.

Any information included in the FV report is important and may affect the decisions of shareholders, the FRA said.

The authority added that GTH’s intention to not disclose the report, delay its release, or ignoring any data will be a violation of the capital market rules and its regulations.

On 11 October, GTH said that the Netherlands-based VEON Ltd withdrew its offer to acquire GTH’s assets in Pakistan and Bangladesh for $2.55 million.

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 EGX-listed firm unveiled it received an offer from VEON Ltd to purchase its assets in Jazz and associated operations for $2.55 billion.