GTH announced it had completed the sale of Telecel Zimbabwe for USD40mn, which we believed would be initially positive for liquidity at the holding-company level in order to fund interest payments to bondholders (memo below). After contacting management, we were told that the proceeds will not be immediately collected, but will rather be placed in an onshore bank account in Zimbabwe for a maximum of three years, and GTH will earn a fixed annual interest of 7% (accruable) on the guaranteed bank deposit.   While this is not as positive as we thought initially, we continue to believe that GTH has sufficient cash at the holding company (USD89mn as at 3Q16) to fund the upcoming bond interest payment of cUSD59mn in April 2017. We reiterate our Buy rating on GTH, as we believe it remains excessively undervalued compared to peers. (Company announcement, Omar Maher)   Global Telecom Holding: USD1.82 per GDR / EGP6.10 per share as of 01 December 2016, Rating: Buy, FV: USD2.93 per GDR / EGP5.20 per share, MCap: USD1,904mn, GLTD LI / GLTDQ.L