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.