Cairo – Mubasher: The Egyptian Exchange (EGX) announced the suspension of trading on Global Telecom Holding’s (GTH) stock

Trading on the stock will be halted until a statement is released by GTH regarding what was published about a tax settlement deal worth EGP 2 billion, the EGX said in a statement on Sunday.

GTH was said to be nearing an agreement with the Egyptian Tax Authority to end a dispute over taxes, which dates back to 2018, Enterprise reported, citing two government sources as saying.

Representatives from GTH are expected to meet the country’s finance minister, Mohamed Maait, on Monday to finalise the deal.   

During the first quarter of 2019, GTH logged a net profit of $54.3 million, compared to $31.8 million in the prior-year period.

Revenues declined to $688 million during the three-month period ended 31 March from $699 million in the same period of 2018.

As for standalone business, the company suffered losses of $8.1 million in Q1-19 from $24.6 million in Q1-18.