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Monday, 9 July 2018

GTH to book USD 965 mn from potential sale of assets in Bangladesh and Pakistan

Global Telecom Holding (GTH) expects to book USD 965 mn in net proceeds from the potential sale of its assets in Pakistan and Bangladesh, the company said in a bourse disclosure (pdf). Amsterdam-based Veon Holdings had made an offer last week to acquire GTH’s Pakistan subsidiary Jazz and its associated operations, in addition to Bangladesh telco Banglalink, for USD 2.6 bn, which GTH now says it will largely use to pay off debts and other commitments. The remaining amount “may be resolved for distribution to shareholders as per the terms of the law.” The transaction has yet to be approved by GTH’s minority shareholders. Veon, which owns 57.7% of GTH, will abstain from voting. The firm had made mandatory offer to purchase the remaining 42.3% of GTH for nearly EGP 15.5 bn back in November, but withdrew the offer in April, causing GTH’s shares to tank.

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