By: Heba El Kordy
Cairo – Mubasher: Global Telecom Holding’s (GTH) stock topped the Egyptian Exchange (EGX) in terms of traded value in Thursday’s early trades after an independent financial advisor released its fair value (FV) for the company.
By 11:12 am Cairo time, GTH’s stock grew 2.98% to EGP 3.80 and saw 14.11 million shares change hands, generating EGP 53.6 million in turnover.
Earlier on Thursday, GTH’s board announced that an independent financial advisor had set the firm’s FV at EGP 5.31 per share.
In December, GTH’s board had decided to raise the firm’s issued capital from EGP 2.73 billion to EGP 13.9 billion by allowing older investors to subscribe in a rights issue.
The average trading price for GTH’s stock during the six-month period was EGP 4.81, the financial advisor said, noting that the total value of changes in GTH’s investments was $1.7 billion.
GTH last posted a loss of $345.1 million in the first nine months of 2018 versus profits of $56.8 million in the same period of 2017, while revenues fell to $2.12 billion by the end of September, from $2.29 billion in the year-ago period.
