Global Telecom Holding (GTH) [GTHE.CA] disclosed a letter received from a group of minority shareholders, owning roughly 17% of outstanding shares and 39% of free-float, in which they reveal the results of another third-party valuation on GTH’s stakes in Bangladesh, Pakistan and Mobilink Microfinance Bank (MFB). New Street Capital Markets (NSCM), appointed by the group of minority investors, valued the assets at USD3.6bn, c42% above VEON’s offer of USD2.55bn. The letter mentioned that the minority investors continue to seek “a fair and equitable outcome for all parties, and not one that seeks to suppress the valuation of GTH for the benefit of the controlling shareholder”. (Bourse disclosure) 
 
Global Telecom Holding (GTH): EGP2.89 as of 18 Oct. 2018, Rating: Buy, TP: EGP6.50/share, MCap: USD764mn, GTHE EY/GTHE.CA