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Global Telecom, GB Auto among companies delisting from EGX 30

Global Telecom, GB Auto among companies delisting from EGX 30
GB Auto’s stock will be listed in the EGX70 index
Global Telecom
GTHE
-2.94% 1.65 -0.05
GB Corp
GBCO
-2.50% 11.70 -0.30

Cairo – Mubasher: The Egyptian Exchange (EGX) decided to delist six stocks from the benchmark EGX30 index, including Global Telecom Holding (GTH) and Ghabbour Auto (GB Auto), as part of the EGX’s semi-annual review of the market indices.

As a total of six companies exited the EGX 30 index, six other companies will start trading in the benchmark index starting from 1 August, the Egyptian bourse said in a statement on Wednesday.

GB Auto’s stock will be listed in the small- and mid-cap EGX70 index.

It is noteworthy that Egypt’s Financial Regulatory Authority (FRA) approved the mandatory tender offer submitted by VEON Holdings B.V. for the purchase of up to 1.997 billion shares in emerging markets telecom operator GTH, representing about 42.31% of GTH’s shares.  

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

As for GB Auto, the company logged a profit of EGP 66.19 million in Q1-19, compared to EGP 62.08 million in Q1-18.