VEON cancels offer to raise stake in GTH

5 Apr 2018

Amsterdam-based, Russian-backed multinational telecoms group VEON has withdrawn the Mandatory Tender Offer (MTO) it submitted in November 2017 for an additional 42.3% of shares in its majority-owned Egypt-based subsidiary Global Telecom Holding (GTH). VEON stated on its website that it does not intend to proceed with another MTO at this time ‘given the lapse of time and absence of approval’ from the Egyptian Financial Regulatory Authority (EFRA).

VEON (formerly VimpelCom) controls a majority stake in 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).

Egypt, Netherlands, Global Telecom Holding (GTH, formerly OTH), VEON