Cairo – Mubasher: Global Telecom Holding’s (GTH) board of directors has approved the report issued by Grant Thornton Egypt regarding the valuation of VEON Holdings B.V.’s offer to acquire all of GTH’s operating assets and the mandatory tender offer.
GTH’s board has also approved the auditor’s independent limited assurance report released by PricewaterhouseCoopers (PwC) on this study, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.
According to the report released by Grant Thornton Egypt, the equity value of GTH is EGP 23.265 billion divided over 4.721 billion shares at a nominal value of EGP 4.93 per share as at 31 March.
It is noteworthy that VEON Holdings B.V submitted a request to acquire GTH’s assets for a combined value of $2.986 billion.
The asset transfer process is expected to be complete by the end of 2019.
In June, 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, at an adjusted price of EGP 5.08 apiece instead of EGP 5.3.
GTH’s board previously decided to voluntarily delist the company’s shares from the Egyptian bourse.
During the first quarter of 2019, GTH reported a net profit of $54.3 million, compared to $31.8 million in the year-ago period.
Meanwhile, revenues retreated to $688 million during the three-month period ended 31 March from $699 million in the same period of 2018.
