Cairo – Mubasher: Global Telecom Holding’s stock gained 1.5% to EGP 3.3 per share by 12pm Cairo time on Wednesday on the Egyptian Exchange (EGX), reaching its highest level since 26 April 2015 or in almost 14 months.
Turnover on the stock reached EGP 47.6 million after 14.2 million shares were exchanged through more than 1,000 transactions.
The stock is seeing positive movements amid expectations that Russia’s VimpelCom, the owner of Global Telecom, will purchase minority shares in the company, commented Ahmed Abdel Hamid, branch CEO at Watheeqa Online Trading.
The continued listing of Global Telecom on the EGX is illogical as the company operates in Egypt through administrative offices only, the analyst noted, adding that VimpelCom’s purchase of minority shares was a matter of time.
