Cairo – Mubasher: The Financial Regulatory Authority (FRA) on Thursday said that Global Telecom Holding has confirmed that there is no further information regarding the mandatory offer since its latest disclosure on 3 April 2018.
The company stressed it does not know any news related to the write-off, the FRA added in a statement to the Egyptian Exchange (EGX) in response to rumors regarding the request for write off or the possibility of making a new mandatory purchase offer.
Earlier this month, 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The Dutch company said it had withdrawn its offer as time passed without getting any approvals.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.
