VEON plans to offer $600 million for 42.3% of Global Telecom

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Telecoms operator VEON Ltd, formerly known as Orascom, says it intends to offer $600 million for the 42.3 per cent of Cairo-listed Global Telecom Holding.

VEON, based in Amsterdam, said on Tuesday that it would offer 5.30 Egyptian pounds (about $0.3005) per share for the buyout.

The offer for the stake in Global represents a 20 per cent premium to its closing price on Monday and it is worth $600 million.

VEON operates telecommunications companies in Russia and in developing countries in Asia and North Africa.

It holds a 55.6 per cent stake in Global, which operates the Djezzy network in Algeria, Mobilink in Pakistan and Sheba Telecom in Bangladesh.

Veon said in a statement, it has not yet submitted the offer to Egyptian financial authorities and it would not comment further.

It had called off a previous attempt to buy out Global’s assets in October.

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