Market activity
Market: Closed
EGX30 0.00 0.00%
Market: Closed
EGX70 0.00 0.00%
(2014-08-27) Global Telecom EGM approves Djezzy's 51% stakes sale
The Extraordinary General Meeting (EGM) of Global Telecom Holding (GTHE) approved, in its meeting, the sale of 51% of Djezzy to the Algerian National Investment Fund for $2.64 billion, in addition to the deals associated with it.
The stakeholders approved the distribution of $1.862 billion in dividends to the company and the subsidiary companies; Moga Holdings Ltd and Oratel International Inc.
The total dividends and sale proceeds to the company and subsidiary companies are expected to be $4 billion post taxes and settlement of all disputes between parties.
The sale proceeds and dividends will be used in the debt payment of the VimpelCom loan.