GTH board approves share buy-back

CAIRO: Egypt’s Global Telecom Holding’s (GTH) board approved a share buy-back of 524.6 million treasury shares and a bridge loan of $200 million from financial institutions, it said on Monday.

The board approved a price of 7.90 Egyptian pounds ($0.4193) for the share buy-back, the company said in a statement, adding it aimed to maximise shareholder value and reduce the company’s share capital as well as support the action to cancel its global depositary receipts (GDR) listing.

“The low volume of trading of the GDRs on the London Stock Exchange does not offer investors the opportunity to trade in meaningful volumes or with any frequency within the public markets,” the statement said. — Reuters