Egypt’s Global Telecom Holding (GTH) told EGX that its shareholders approved a voluntary delisting of the company from the Egyptian exchange.

According to a statement filed by the company, it has approved the purchase of shares of all shareholders and those affected by the delisting willing to sell their shares to the company. The company will buy back the shares at 5.08 Egyptian pounds ($0.31) per share.

GTH is the former Orascom Telecom business that operates mobile networks in Africa and Asia, including Algeria (Djezzy), and had more than 100 million customers globally in 2018. It is majority-owned by the VEON Group, one of the world's largest mobile telecommunications provider by number of customers.

The shareholders also authorised the extension of the maturity of the revolving credit facility of $100 million that matures on 31 August 2019, by an additional three months. A $100 million RCF (revolving credit facility) increase in order to meet the company's financial needs was also approved.

(Writing by Gerard Aoun, editing by Seban Scaria)

(Gerard.aoun@refinitiv.com)

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