Dutch VEON may cancel GTH’s offer

Cairo – Mubasher: Global Telecom Holding (GTH) on Sunday said it may not approve Netherlands-based VEON Ltd’s purchase offer.

The Dutch company emphasised that it would maintain its offer, however, it is unlikely to be indefinitely available, the Egyptian firm highlighted in a statement to the Egyptian Exchange (EGX).

Shareholders will be informed of the possibility of VEON withdrawing its offer any time after 1 September, the EGX-listed company added.

The board of GTH has reviewed the company’s cash inflows, considering major debt dues, interest reimbursements, and capital requirements for the second half of fiscal year 2018/2019 with a minimum of $500 million, according to the statement.

In July, GTH unveiled it received an offer from VEON Ltd to purchase its assets in Jazz and associated operations for $2.55 billion.

The telecom company noted at the time that its board was studying the offer and would proceed in accordance with the applicable laws and regulations.

Mubasher Contribution Time: 02-Sep-2018 08:24 (GMT)
Mubasher Last Update Time: 02-Sep-2018 08:34 (GMT)