Cairo – Mubasher: Global Telecom Holding (GTH) announced that VEON Holdings B.V has submitted a request to acquire GTH’s assets with a combined value of $2.986 billion, according to statistics conducted by Mubasher.

The asset transfer process is expected to be complete by the end of 2019 conditional on receiving all corporate and regulatory approvals, GTH said in a statement to the Egyptian Exchange (EGX) on Wednesday.

The offer prices included in the asset transfer offer are as follows: in respect of Djezzy and Med Cable, DZD 70.195 billion ($593.3 million); in respect of Banglalink, BDT 24.916 billion ($300.54 million); in respect of Jazz, PKR 313.335 billion ($1.999 billion); and in respect of Mobilink Microfinance Bank, PKR 14.741 billion ($94.08 million).

Egypt’s Financial Regulatory Authority (FRA) approved the mandatory tender offer submitted by VEON Holdings for the purchase of up to 1.997 billion shares in emerging markets telecom operator GTH, representing about 42.31% of GTH’s shares, at an adjusted price of EGP 5.08 apiece instead of EGP 5.3, the statement added.  

It is noteworthy that GTH signed a settlement deal worth $136 million (EGP 2.3 billion) with the Egyptian Tax Authority.