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VEON Ltd expresses its interest in the full acquisition of Global Telecom Holding

Wednesday, 06 February 2019 11:15
VEON Ltd expresses its interest in the full acquisition of Global Telecom Holding

(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).  





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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