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Global Telecom: Return of $ 965 million to the sale of Gizi shares
16:18
Sunday, July 08, 2018
Shimaa Hefzi wrote:
Global Telecom Holding (GTH) said that if a stock sale of its Algerian company Gizi was approved by minority shareholders, it would receive a net amount of $ 965 million ,
The statement stated that the agreement would require the appointment of an independent financial advisor by the board of directors and reviewed by the board of directors through the its independent members of the report of the financial advisor
In addition to the approval of the transaction by the Extraordinary General Meeting and the authorization of a representative to sign the transaction documents, noting that Vion, its largest shareholder, will abstain.
The statement states that once the transaction documents are signed and executed, GTH will receive the funds that will be included in the calculation. The Board of Directors may then recommend to the General Meeting a distribution dividends, noting that the General Meeting will decide on the distribution of profits. Approval of the transaction by the mess As for the minority interests, GTH will continue to hold 45.6% of Gizi, operating in Algeria, indicating that after the conclusion of the transaction, it will be the only public company and therefore close to 100% of the total value of the company. In a statement released last April, Fion, its "main shareholder", had withdrawn its mandatory share purchase offer that it did not own due to the "pbadage of time without approval." of EFSA on the public tender offer and that she had not intended to Another compulsory purchase at this time. "
Global Telecom reported last week that it had received an offer Vion, which owns 57.7% of its shares, repurchases the total capital of three companies held at a value of 2.55 billion
Global Telecom lost $ 42 million last year against a net profit of $ 194 million in 2016.
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