Veon already holds a large amount of GTGH stock but has shelved its interest in increasing its investment
Veon has officially withdrawn its interest in purchasing the remaining 42 per cent stake in network operator, Global Telecoms Holding, due to the slow progress of the deal.
In a statement released to the Amsterdam Stock Exchange and the NASDAQ, Veon cited "the lapse of time and absence of approval" of the deal from the Egyptian authorities as the reason for its cessation of interest.
Global Telecoms Holding has operations in North Africa and Asia, where it has approximately 240 million customers across its networks in Algeria, Pakistan and Bangladesh.
In November 2017, Veon submitted a mandatory tender offer to purchase a 42 per cent stake in Global Telecoms Holdings, valued at EGP4.1 billion (£165 million). However, Veon has now formally revoked that offer and says that it "does not intend to proceed with another mandatory tender offer at this time."
Veon’s shares have continued to trade steadily at $2.68 per share in the hours following the announcement.