Global Telecom Holding (GTH) held its EGM with an attendance rate of 73.5% of share capital, of which 86% approved: i) cancelling the LSE-listed GDR programme; and ii) cancelling all contracts related to the GDR listing. Management reiterated that the cancellation proposal was the result of: i) low GDR trading liquidity on LSE (less than 600,000 shares per day vs. c14mn shares per day on the EGX); and ii) unnecessary costs associated with the GDR listing. No material impact on the company’s performance is expected from the GDR cancellation, according to management.   As we stated previously, the cancellation of the GDR programme will likely put pressure on the share price in the short to medium term, in our view, as some investors may opt to sell their GDRs due to being unable/unwilling to own Egypt-listed securities. Our figures indicate that c74% of GTH’s capital is in the form of GDRs, and this figure includes VimpelCom’s c52% stake, meaning that GTH’s free float of c48% is split as follows: c22% in GDRs and c26% in local shares. We do not see the ongoing share buyback as sufficient to absorb a possible sell-off and help maintain valuations stable after the GDR cancelation. (Company, Karim Riad, Omar Maher)   Global Telecom Holding: USD1.81 per GDR/ EGP7.08 per share as of 6 Feb. 2017, Rating: Buy, TP: USD2.93 per GDR/ EGP10.48 per share, MCap: USD1,893mn, GLTD LI/GLTDQ.L