9 Nov 2017
Amsterdam-based, Russian-backed multinational telecoms group VEON disclosed yesterday that it has submitted a mandatory tender offer for 42.31% of shares in its subsidiary division Global Telecom Holding (GTH). VEON (formerly VimpelCom) already controls a majority stake in Egypt-based holding company GTH, which has three mobile operator subsidiaries: Jazz (Mobilink) in Pakistan, Banglalink (Bangladesh) and Algeria’s Djezzy (where GTH has a minority stake but holds management control).
VEON Holdings BV, a wholly-owned subsidiary of VEON Ltd, submitted its offer with the Egyptian Financial Supervisory Authority (EFSA) on 8 November 2017 for the purchase of up to 1,997,639,608 GTH shares on the Egyptian Stock Exchange (EGX). The total value of the offer – which is currently being reviewed by the EFSA – is EGP15.8 billion (USD893 million) based on a price of EGP7.90 per share.