Cairo – Mubasher: Global telecom Holding’s board has approved a $100 million temporary rise in revolving credit facility agreement with VEON Holdings B.V.
The temporary increase will be used for the company’s general purposes such as settling the short-term loan due on 15 June 2018, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.
The contract will be subject to the terms and conditions of the existing revolving facility contract that includes a return of 9.8% on annual withdrawals and 0.25% per annum on unearned amounts as commitment fees, the company highlighted.
The expiry date of the temporary raise, which will mature in no more than six months from the entry date, will be excluded, Global Telecom indicated.
In April 2018, Global Telecom said that Amsterdam-based VEON Ltd, its main shareholder, had notified the FRA that it withdrew its mandatory offer to buy the remaining stake in the telecommunications company.
The Dutch company said it had withdrawn its offer as time passed without getting any approvals.
Global Telecom’s capital amounts to EGP 2.7 billion distributed over 4.7 billion shares at a par value of EGP 0.58 per share.
In November, the FRA said that a mandatory tender offer was submitted to buy 42.31% of Global Telecom's capital at EGP 7.9 per share.
