GTH board cancels shareholders meeting over the planned capital increase
M&A WATCH- Global Telecom MTO progresses after tax dispute resolution: Global Telecom Holding (GTH) shareholders have offered to sell 37% of the 1.99 bn shares targeted in a mandatory tender offer launched by majority shareholder Veon to acquire 42.3% of GTH, according to Al Mal. The MTO kicked off yesterday, and is due to close on 6 August. Veon’s plans to launch the MTO were previously hampered by a tax dispute between GTH and the government which was resolved last week after GTH signed a USD 136 mn settlement agreement with the Egyptian Tax Authority. Meanwhile, GTH’s board canceled a planned general assembly to discuss an EGP 11.2 bn capital increase through a rights issue, the company said in a bourse filing (pdf). GTH had planned the increase in case the MTO had fallen through.