Global Telecom Holding (GTH) [GLTDq.L] has announced the successful completion of the Mobilink-Warid merger transaction in Pakistan, according to a press release by GTH’s major shareholder, VimpelCom. The transaction completion had been pending regulatory approvals in Pakistan. As stated previously, the transaction is expected to create capex and opex synergies with a net present value of approximately USD500mn, and an annual run rate over USD100mn of free cash flow improvements by year three. The combined revenue of both companies for the 12 months to March 2016 was USD1.4bn. (Company disclosure)   Global Telecom Holding: USD1.79 per GDR / EGP3.19 per share as of 29 June 2016, Rating: Buy, FV: USD2.93 per GDR / EGP5.20 per share, MCap: USD1,878mn, GLTD LI / GLTDQ.L