{"id":600356,"date":"2019-01-28T04:23:27","date_gmt":"2019-01-28T04:23:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/28\/veon-might-be-taking-global-telecom-private\/"},"modified":"2019-01-28T04:23:27","modified_gmt":"2019-01-28T04:23:27","slug":"veon-might-be-taking-global-telecom-private","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/28\/veon-might-be-taking-global-telecom-private\/","title":{"rendered":"Veon might be taking Global Telecom private"},"content":{"rendered":"

<\/a> M&A WATCH-<\/b> Veon might be taking EGX-listed Global Telecom private:<\/b> Global Telecom Holding<\/a>\u2019s (GTH) majority shareholder Veon<\/a> is considering taking GTH private, the company said in a bourse filing (pdf)<\/a>. GTH\u2019s board has postponed a general assembly<\/a> originally called to discuss an EGP 11.2 bn rights issue to take time to consider the new developments, GTH said in a separate statement (pdf)<\/a>.<\/p>\n

The FRA is monitoring:<\/b> The Financial Regulatory Authority is monitoring the situation and will see what mechanism Veon will use to take the company private and consequently will decide if it will be able to vote in the general assembly on the decision or not, the market regulator said in a statement to the bourse<\/a>.<\/p>\n

Possible scenarios:<\/b> Veon will need to make a mandatory tender offer at a price range between EGP 5.31-7.90 per share, Shuaa Securities said (pdf)<\/a> in a research note on Sunday. If the move to take GTH private does not go through, GTH would have to proceed with the capital increase or restructure its debt, according to Shuaa.<\/p>\n

Market reacts: <\/b>GTH\u2019s shares jumped 10% on the EGX yesterday, the biggest leap in three months, Bloomberg notes<\/a>. The shares\u2019 value has been slashed in half over the past year. The GTH news, and the prospect of fresh money available in the market from a take-public bid, sent the EGX30 up 2.3%<\/a> by the close of trading yesterday.<\/p>\n

Background:<\/b> Amsterdam-based Veon Holdings withdrew a mandatory offer in April<\/a> last year to purchase the 42.3% of GTH that it doesn\u2019t already own after failing to get regulatory approval. GTH intended to use the proceeds from the now-postponed rights offering to meet the company\u2019s financial obligations through to the end of 2019, including loans from its main shareholder. Yesterday\u2019s statement noted that Veon plans to support the company\u2019s \u201cimmediate funding requirements\u201d vis-a-vis its debt obligations and interest payments to bondholders.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Veon might be taking EGX-listed Global Telecom private: Global Telecom Holding\u2019s (GTH) majority shareholder Veon is considering taking GTH private, the company said in a bourse filing (pdf). GTH\u2019s board has postponed a general assembly originally called to discuss an EGP 11.2 bn rights issue to take time to consider the new developments, […]<\/p>\n","protected":false},"author":1,"featured_media":600357,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,9102,2380,9352],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-global-telecom-holding","tag-speed-round","tag-veon","wpautop","entry"],"acf":{"mongo_id":"f25ca646-f5ad-40f0-93fa-73f9bb9ec5e6","is_powered_by":true,"section_story_id":"ba61a347-65d9-4ef8-869f-cf0c48de6c73","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/1\/890.jpg","photo_position":"above","related_issue":[600347],"teaser":"","voice_url":""},"yoast_head":"\nVeon might be taking Global Telecom private - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/28\/veon-might-be-taking-global-telecom-private\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Veon might be taking Global Telecom private\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Veon might be taking EGX-listed Global Telecom private: Global Telecom Holding\u2019s (GTH) majority shareholder Veon is considering taking GTH private, the company said in a bourse filing (pdf). 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The Dutch company intends to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/2\/1049.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":629909,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/04\/veon-withdraws-mandatory-offer-to-purchase-remaining-stake-of-global-telecom\/","url_meta":{"origin":600356,"position":2},"title":"Veon withdraws mandatory offer to purchase remaining stake of Global Telecom","author":"enterpriseam admin","date":"4 April 2018","format":false,"excerpt":"M&A WATCH- Veon withdraws EGP 15 bn bid for Global Telecom: Amsterdam-based Veon Holdings withdrew a mandatory offer to purchase the 42.3% of Global Telecom Holding (GTH) that it doesn\u2019t already own, according to regulatory filing from GTH (pdf). Veon, which owns 57.7% of GTH, said it withdrew the offer\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626535,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/04\/veon-makes-offer-to-acquire-global-telecom-assets-in-pakistan-and-bangladesh-for-usd-2-5-bn\/","url_meta":{"origin":600356,"position":3},"title":"Veon makes offer to acquire Global Telecom assets in Pakistan and Bangladesh for USD 2.5 bn","author":"enterpriseam admin","date":"4 July 2018","format":false,"excerpt":"Amsterdam-based Veon Holdings made an offer to acquire some of Global Telecom Holding\u2019s (GTH) assets in Pakistan and Bangladesh for USD 2.6 bn, Veon said in a press release on Tuesday. Veon will buy GTH\u2019s Pakistan subsidiary Jazz and its associated operations, in addition to Bangladesh telecom Banglalink. The transaction\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637225,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/gth-appoints-pharos-to-evaluate-veon-mto\/","url_meta":{"origin":600356,"position":4},"title":"GTH appoints Pharos to evaluate Veon MTO","author":"enterpriseam admin","date":"12 November 2017","format":false,"excerpt":"M&A WATCH- Global Telecom Holding (GTH) has appointed Pharos Holding as an independent financial advisor to evaluate the mandatory tender offer presented by Veon Holdings to acquire the company. Veon, which already owns 57.7% of GTH, submitted an offer to acquire GTH shares at EGP 7.90 per share last week.","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601021,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/17\/egypts-fra-rejects-veon-appeal-against-gth-capital-increase-voting-rights\/","url_meta":{"origin":600356,"position":5},"title":"Egypt\u2019s FRA rejects Veon appeal against GTH capital increase voting rights","author":"enterpriseam admin","date":"17 February 2019","format":false,"excerpt":"The FRA has rejected an appeal against its decision to suspend Global Telecom Holding\u2019s (GTH) majority shareholder Veon Holding from voting on GTH\u2019s EGP 11.2 bn capital increase, according to a statement to the EGX (pdf). 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