VEON plans to offer $600 million for 42.3% of Global Telecom
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.
Related Posts
GTBank Kenya names Irene Irungu as Acting Managing Director
Guaranty Trust Bank (Kenya) Limited has appointed Ms Irene Irungu as Acting Managing Director, placing an experienced risk…
By
APA Apollo acquires majority stake in Tanzania’s Meticulous Insurance and Metro Life
APA Apollo Group has completed the acquisition of a majority shareholding in Meticulous General Insurance Company Limited and…
Jacqueline Karasha to take helm of SanlamAllianz Kenya
SanlamAllianz Kenya has appointed Jacqueline Karasha as Group Chief Executive Officer, effective 1 November 2026. She succeeds Dr.…
Unilever Nigeria reports 18% revenue surge to ₦184bn in Q3 2026
Unilever Nigeria Plc has reported revenue of N184 billion for the nine months ended September 30, 2026, an…
Gallery
