VEON cancels offer for direct ownership of Pakistan, Bangladesh divisions

12 Oct 2018

Amsterdam-based, Russian-backed VEON has terminated its offer to take direct ownership of its Pakistan and Bangladesh mobile operating units currently held via the group’s Egypt-based subsidiary Global Telecom Holding (GTH), partly due to recent currency devaluation in Pakistan. VEON, listed on the US NASDAQ and Euronext Amsterdam stock markets, said in a release yesterday that it has cancelled the USD2.55 billion share offer (launched on 2 July) ‘in light of recent events surrounding the Pakistani Rupee and the reaction to the offer by GTH minority shareholders, which suggests that approval would not have been forthcoming’. It added: ‘VEON will continue to explore options to address its strategic relationship with GTH and its minority shareholders.’ VEON owns 57.7% of GTH and already consolidates the results of cellcos Jazz (Pakistan) and Banglalink (Bangladesh) plus another GTH subsidiary, Djezzy (Algeria).

Bangladesh, Netherlands, Pakistan, Banglalink, Global Telecom Holding (GTH, formerly OTH), Jazz (formerly Mobilink/Warid), VEON, Warid Telecom (Jazz)