GTH planning EGP 11.2 bn rights issuance on the EGX

Global Telecom Holding (GTH) is planning to raise its capital through a rights issue on the EGX worth EGP 11.2 bn to existing shareholders, according to a company statement (pdf). “GTH intends to use the net proceeds from the rights offering to meet the Company’s financial obligations through to the end of 2019, including loans from its main shareholder, the VEON Group, on a timely basis and provide sufficient liquidity needed to meet its operating companies’ near-term needs.” GTH is seeking regulatory approvals and will hold on 28 January an ordinary general assembly meeting to receive shareholder approval.