Cairo – Mubasher: The Egyptian Exchange (EGX) has suspended trading on Global Telecom Holding’s (GTH) stock as of Sunday, 17 March, until it receives a statement from the company.

On Saturday, the Egyptian Tax Authority unveiled it was in talks over the past weeks to set the value of tax arrears to be paid by GTH for its active operation years that are still under tax investigation.

In February, GTH reported its consolidated net losses soared 216% year-on-year to $250 million in 2018, from $79 million in 2017.

Revenues shrank to $2.827 billion last year, against $3.015 billion a year earlier.

At the level of standalone business, GTH suffered losses of $65 million during the 12-month period, against a profit of $13 million in 2017.

On 10 February, the EGX had suspended trading on GTH’s stock in response to the Financial Regulatory Authority’s (FRA) request and it resumed trading on the stock when Netherlands-based Veon Holdings B.V submitted a mandatory tender offer to purchase a 42.31% stake in GTH.