I&P advises GTH on GDR cancellation

Global Telecom Holding (GTH) has picked Pharos Holding to manage its share buyback and the scrapping of its GDR program, according to Al Mal. Ibrachy & Partners will act as legal advisor for the transaction. GTH had announced a fixed-price buyback program to acquire up to 10% of the total issued share capital of the company at a price per share of EGP 7.90 and for a total consideration of up to EGP 4.1 bn. The move, according to GTH board member Hassan Abdel Hamid, is aimed at avoiding the large costs associated with being listed in two different stock exchanges and to focus operations on the EGX.