VEON has previously attempted to purchase the outstanding shares in October 2018

International telecoms operator, VEON, has announced its intention to purchase the remaining 42.3 per cent stake in Egyptian telco Global Telecom for $600 million.

The purchase would increase VEON’s interest in the North African firm to over 95 per cent of the total shares.

VEON will offer 5.30 Egyptian pounds ($0.3005) per share to acquire the outstanding stock, paying a 20 per cent premium on its market price at close of play on Monday.

VEON will deposit a public mandatory cash tender offer (“MTO”) with the Egyptian Financial Regulatory Authority, to purchase 1,997,639,608 shares of Global Telecom Holding.

Global Telecom has operations in Egypt, as well as its Jazz brand in Pakistan, Djezzy in Algeria and Banglalink in Bangladesh.

In a statement to the press, VEON said that it was unable to comment on the proposed acquisition as the submission process had not yet been completed.

VEON currently has over 210 million subscribers across Europe, Asia and Africa. 

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