Global Telecom unable to pay EGP 5 bn in due taxes amid company losses

Global Telecom Holding (GTH)’s general assembly yesterday voted to continue operations despite losses that have surpassed 50% of shareholders’ total equity as the company recorded losses of USD 64.7 mn last year. Earlier this week GTH’s board of directors approved a three-month extension on the maturity of a USD 100 mn revolving credit facility from majority shareholder Veon Holdings. Al Mal separately reoorts that a company official told it GTH is in talks on a settlement to an ongoing tax dispute.