Cairo – Mubasher: The Egyptian Financial Regulatory Authority on Sunday said that Netherlands-based Veon Holdings B.V has submitted a mandatory tender offer to purchase a 42.31% stake in Global Telecom Holding (GTH).

The Dutch company offered to purchase around 1.99 billion shares in GTH at EGP 5.3 per share and GTH is considering the offer, the FRA added in a statement.

The FRA decided to resume trading on GTH listed on the Egyptian Exchange (EGX) at 01:15 pm Cairo time.

Earlier this day, the EGX suspended trading on GTH’s stock in response to the FRA’s request.

Last week, Veon revealed it was looking to present a mandatory tender offer to purchase a 42.31% stake in GTH.

In January, GTH announced that its board of directors postponed its planned ordinary general meeting (OGM) related to an EGP 11.2 billion proposed rights issue to 27 March as a result of receiving a letter of support from the Dutch company.

The letter, requested by GTH, highlights “the option of taking GTH private to support its immediate funding requirements related to the servicing of certain debt obligations and an interest payment to external bondholders.”

In April, GTH disclosed that the Amsterdam-based VEON Ltd, its main shareholder, notified the FRA that it had withdrawn its mandatory offer to buy the remaining stake in the telecommunications company, explaining that time passed without getting any approvals.