UPDATE 1-VEON settles Egypt tax liability, paving way to buy Global Telecom shares [Reuters]
VEON Ltd. - American Depositary Shares (VEON)
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Source: Reuters
UPDATE 1-VEON settles Egypt tax liability, paving way to buy Global Telecom shares (Adds details, analyst comment) By Patrick Werr CAIRO, June 26 (Reuters) - Telecoms operator VEON Ltd has settled a tax dispute with Egypt, the finance ministry said on Wednesday, clearing the way for its potential purchase of the 42.3% stake in its Egyptian subsidiary Global Telecom Holding it does not own. Amsterdam-based VEON has secured approval from Egypt’s Financial Regulatory Authority to buy the outstanding 42.3% stake in Global Telecom for $600 million, or 5.08 Egyptian pounds per share, after agreeing to settle the tax liability for $136 million, the finance ministry and VEON said. The share purchase could give the market a boost ahead of share offerings planned by the Egyptian government, analysts said. “The wider expectation is that this will move the market,” said Wael Ziada, head of investment company Zilla Capital. “It will infuse a significant amount of cash into the market by taking out
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VEON
News
- VEON Announces 2024 AGM and Board NomineesGlobeNewswire
- Telenor Pakistan's Buyer Set to Rival Sector Leader by Year-End [BNN Bloomberg (Canada)]BNN Bloomberg
- VEON Ltd. (NASDAQ: VEON) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- VEON to release 1Q 2024 trading update on 16 May 2024GlobeNewswire
- Should You Be Impressed By VEON Ltd.'s (NASDAQ:VEON) ROE? [Yahoo! Finance]Yahoo! Finance
VEON
Sec Filings
- 4/25/24 - Form 6-K
- 4/24/24 - Form 6-K
- 4/12/24 - Form 6-K
- VEON's page on the SEC website