Cairo – Mubasher: The board of Global Telecom Holding (GTH) has approved an EGP 11.18 billion increase in issued capital through raising subscriptions for existing shareholders.
The capital will be raised to EGP 13.9 billion from EGP 2.73 billion through the issuance of 19.27 billion shares at a nominal value of EGP 58 piasters per share, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.
The board has approved to appoint Grant Thornton company as an independent financial consulting to prepare the fair value report for the stock.
In November, the board of GTH decided to hire Naeem Financial Investments as an independent financial advisor to set the FV for the company’s shares in order to raise its capital.
Naeem had declined GTH’s offer to set its FV as the stock holds current shares in the six months prior to the date of choosing the independent financial advisor in Naeem’s subsidiaries specialised in the securities market, particularly portfolio and fund management and trading.
