7 Aug 2019
Amsterdam-headquartered multinational telecoms group VEON has announced that its wholly owned subsidiary VEON Holdings has successfully completed a mandatory share buyout offer at its majority-owned subsidiary Global Telecom Holding (GTH).
In a press release regarding the development, VEON noted that ‘at the closing of the mandatory tender the aggregate number of shares validly tendered and accepted for purchase and not validly withdrawn was 1,914,322,110’. Confirming that it expects to execute the share purchases within five (Egyptian) business days, VEON noted that, once it has done so, it will own approximately 98.24% of GTH’s total outstanding equity. With the offer price per share having been EGP5.08 (USD0.31), the total purchase price for the shares acquired in the tender was reported as being EGP9.725 billion.
VEON also confirmed that it intends to continue with the comprehensive restructuring of GTH as previously announced, including progressing both the delisting of GTH from the Egyptian Exchange (EGX) and the offer to acquire ‘substantially all’ of GTH’s operating assets in Algeria, Pakistan and Bangladesh.