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VEON Announces Successful Result of Mandatory Tender Offer for Shares of Global Telecom Holding

Financial results News - Published on Thu, 08 Aug 2019

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VEON Holdings BV a wholly owned subsidiary of VEON Ltd announced the results of its previously announced mandatory tender offer to purchase up to 1,997,639,608 shares of Global Telecom Holding SAE, representing approximately 42.31% of GTH’s issued shares. The Mandatory Tender Offer commenced on 2 July 2019 and expired today.

The aggregate number of shares validly tendered and accepted for purchase and not validly withdrawn was 1,914,322,110 shares and the expected execution date for such purchase will be within 5 Egyptian business days. Following execution, VEON will hold approximately 98.24% of GTH’s total outstanding equity. VEON is pleased with the results of the Mandatory Tender Offer and remains committed to simplifying its corporate structure.

The total purchase price for the purchase of such shares is EGP 9,725 million (approximately USD 587 million at the current exchange rate), reflecting the offer price per share of EGP 5.08.

VEON intends to continue with the comprehensive restructuring of GTH as announced on 26 June 2019 (link), including progressing both the delisting of GTH from the Egyptian Exchange and the offer to acquire substantially all of GTH's operating assets in Algeria, Pakistan and Bangladesh.

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Posted By : TelecomGuru on Thu, 08 Aug 2019
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