Global Telecom Holding (GTH) informed the Egyptian Exchange (EGX) on Sunday that its board of directors have approved its parent VEON’s offer to acquire the company’s assets in Pakistan, Bangladesh and Algeria. VEON intends to directly acquire GTH’s stakes in mobile operators Jazz (Pakistan), Banglalink (Bangladesh) and Djezzy (Algeria) for PKR313.34 billion (USD1.95 billion), BDT24.92 billion (USD290 million) and DZD70.19 billion (USD590 million, including another asset, MedCable) respectively, plus Mobilink Bank (Pakistan) for USD92 million. In dollar terms the offers add up to a value of USD2.9 billion. GTH will hold an extraordinary general meeting related to the asset offer on 9 September.
Earlier this month, Amsterdam-headquartered multinational telecoms group VEON completed a mandatory share buyout offer to up its stake in Egypt-based GTH to around 98.24%. GTH will subsequently be delisted from the EGX.