Global Telecom Holding announces share buy-back and cancellation of GDR program
Global Telecom Holding have announced a proposed share buy-back and cancellation of GDR program, the company said in a statement. The fixed price buy-back program will acquire up to 10% of the total issued share capital of the company at a price per share of EGP 7.90 and for a total consideration of up to EGP 4.1 bn. The program, subject to regulatory approval, is set to commence on 19 January and expire on 16 February. GDR Holders may not sell their GDRs directly in the buy-back, but can withdraw the ordinary shares underlying their GDRs from the depository and then offering for sale the ordinary shares in the buy-back. Additionally, the company is looking to sign a bridge loan agreement for USD 200 mn with Telecom Ventures LLC and International Wireless Communications Pakistan LLC acting as guarantors, Al Borsa reported. The company has allocated future profits towards paying back the loan.