Global provider of integrated telecommunications services Veon said it will officially table a cash offer with the Egyptian Financial Regulatory Authority to snap up an additional 42.3% stake in the Africa and Asian telecom operator Global Telecom Holdings, listed in Cairo. 95 of 1992 for the purchase of up to 1,997,639,608 shares of Global Telecom Holding S.A.E ("GTH"), representing approximately 42.31% of GTH's issued shares." Global Telecom has "immediate funding requirements related to the servicing of certain debt obligations and an interest payment to external bondholders," according to Veon. The North African country's capital market legislation compels Veon to deposit the cash offer tender within 60 days of the announcement. Its stock gained 10% on 23 January 2019, rebounding from a sustained weaker trading, prompting regulators to suspend trading on the company's shares in line with listing provisions.

Source: The North Africa Journal February 05, 2019 08:48 UTC