(Ecofin Agency) - VEON Ltd, formerly known as VimpelCom Ltd, expressed its interest in a full acquisition of Global Telecom Holding (GTH) it owned at 55.6%.

According to Reuters, VEON Ltd is offering EGP5.30 ($0.3005) per share for 42.3% of the firm’s equity. This amounts to about $600 million but, for the time being, the operation has not been submitted to Egypt’s financial authority.

GTH is currently the head office of the Algerian mobile telephony company Djezzy that it owned at 49% with the government. It is also present in Pakistan via Jazz and in Bangladesh via Banglalink.

In Q3, 2018, GTH’s subscriber base rose to 103.09 million individuals, representing a 4.3% rise on a year-to-year basis. However, the firm’s revenue has decreased by 6.3% (from $773 million in 2017 to $733 million on September 30, 2018). The company will publish its Q4,2018 results this month (February 2019).