Cairo – Mubasher: Amsterdam-based VEON Ltd, Global Telecom’s main shareholder, notified the Egyptian Financial Regulatory Authority (FRA) that it had withdrawn its mandatory offer to buy the remaining stake in the telecommunications company.
VEON has no intention to conduct other mandatory purchase offers in the meantime, Global Telecom said in a filing to the Egyptian Exchange (EGX) on Tuesday.
The Dutch company said it had withdrawn its offer as time passed without getting any approvals.
In November, the FRA said that a mandatory tender offer was submitted to buy 42.31% of Global Telecom's capital at EGP 7.9 per share.
