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Veon makes second bid to take control of GTH

Veon makes second bid to take control of GTH

Veon is again seeking to obtain full control over Global Telecom Holding after its first attempt was derailed by its failure to clear various regulatory hurdles.

Global Telecom Holding is listed on the Cairo stock exchange. It has operations in several markets, running Djezzy’s network in Algeria, Banglalink in Bangladesh, and Mobilink in Pakistan.

In a statement, Veon said that it “intends to deposit a public mandatory cash tender offer (MTO) with the Egyptian Financial Regulatory Authority…for the purchase of up to 1,997,639,608 shares of Global Telecom Holding (GTH), representing approximately 42.31 per cent of GTH’s issued shares”, adding that “as previously announced, Veon intends to take GTH private”.

Veon’s proposal for these shares runs to $600 million. It already holds a 55.6% stake in GTH, so the acquisition would essentially give it total control over the unit. It aims to deposit the offer no more than 60 days after making the proposal.

GTH stated that Veon had pledged to provide for its “immediate funding requirements related to the servicing of certain debt obligations and an interest payment to external bondholders”.

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