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VEON discloses results of mandatory tender offer for Global Telecom shares

VEON unit VEON Holdings BV's mandatory offer to purchase up to 1,997,639,608 shares of Global Telecom Holding SAE, representing about 42.31% of GTH's issued shares, expired Aug. 6.

The company said an aggregate number of shares validly tendered and accepted for purchase and not validly withdrawn was 1,914,322,110 shares. The expected execution date for such purchase will be within five Egyptian business days. Following execution, VEON will hold about 98.24% of GTH's total outstanding equity.

The total purchase price for the purchase of such shares is about 9.73 billion Egyptian pounds, reflecting the offer price per share of 5.08 Egyptian pounds.

VEON intends to restructure the Egyptian telco and delist it from the country's stock exchange. VEON said it also intends to acquire all of GTH's operating assets in Algeria, Pakistan and Bangladesh.

As of Aug. 5, US$1 was equivalent to 16.55 Egyptian pounds.