Egypt’s FRA rejects Veon appeal against GTH capital increase voting rights

The FRA has rejected an appeal against its decision to suspend Global Telecom Holding’s (GTH) majority shareholder Veon Holding from voting on GTH’s EGP 11.2 bn capital increase, according to a statement to the EGX (pdf). The appeal was submitted to the authority by Veon Luxembourg Finance Holdings and Veon Luxembourg — the Amsterdam-based group’s back offices. EGX-listed GTH is scheduled to hold the general assembly meeting next month to put the capital increase motion to a vote. It is also worth noting that Veon has filed for regulatory approval to take GTH private.