Global Telecom Holding’s (GTH) board has approved the independent financial advisor’s report, which set the fair value (FV) for the company’s stocks at EGP 5.31 per share.
The value of shareholders’ rights reached EGP 25.09 billion, distributed over 4.72 billion shares at EGP 5.31 per share, GTH said in a filing to the Egyptian Exchange (EGX) on Thursday, citing the report.
In December, GTH’s board had decided to raise the firm’s issued capital to EGP 13.9 billion, from EGP 2.73 billion, by allowed older investors to subscribe in a rights issue.
The FV was calculated by analysing share price data during the past six months using the average price per share on a weekly basis from the period starting March until 30 September.
The average trading price for GTH’s stock during the six-month period was EGP 4.81, the financial advisor said, noting that the total value of changes in GTH’s investments was $1.7 billion.
GTH last reported incurring a loss of $345.1 million in the first nine months of 2018 versus profits of $56.8 million in the same period of 2017, while revenues fell to $2.12 billion by the end of September, from $2.29 billion in the year-ago period.
By 10:33 am Cairo time, GTH’s stock grew 2.98% to EGP 3.80.