Cairo – Mubasher: The extraordinary general meeting (EGM) of Global Telecom Holding (GTH) has approved to continue with the company’s business activity despite that its losses surpassed 50% of the shareholders’ equity rights value.

During fiscal year 2018, Global Telecom has incurred a loss of $250 million compared to $79 million losses incurred in FY17, according to a bourse statement to the Egyptian Exchange (EGX) on Thursday.

It is noteworthy that the Financial Regulatory Authority (FRA) of Egypt has passed the project proposal for Amsterdam-based VEON Holdings B.V. to execute a compulsory purchase of 1.99 billion of Global Telecom’s shares at a value of EGP 5.3 each.