Page 51 - SAMENA Trends - August 2019

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Egypt’s Global Telecom Approves VEON’s US$2.3 Billion Asset Transfer Offer

Global Telecom Holding’s (GTH) board Financial Regulatory Authority approved Regulatory Authority (FRA) subsequently
of directors has approved Veon’s offer to in June Veon’s mandatory tender offer approved the MTO at EGP 5.08 per share,
acquire all of GTH’s operating assets for (MTO) to acquire 1.99 billion shares in down from EGP 5.30 per share formerly. In
$2.3 billion, according to GTH’s bourse GTH, equivalent to a 42.3 percent stake July, GTH shareholders completed the sale
filing. Veon will acquire the company’s in the company. The MTO closed earlier of 37 percent of the company’s shares in
stakes in Jazz, Bangalink, Djezzy (includ- this month, leaving Veon with around 98 a mandatory tender offer (MTO) launched
ing MedCable), and Mobilink Bank for PKR percent of GTH’s total outstanding equity. by majority shareholder Veon to acquire
313.3 billion, BDT 24.9 billion, DZD 70.2 Plans for the MTO were a long time in the 42.3 percent of the company. Shareholders
billion, and PKR 14.7 billion respectively. making, having suffered delays due to a offered to sell the 753 million shares when
The board also postponed the sharehold- long-running tax dispute between GTH and the MTO kicked off on 2 July, a few days
ers’ meeting to discuss the transaction the government. The dispute was even- after GTH reached a dispute settlement
to 9 September instead of 27 August. The tually resolved in June, and the Financial with Egypt’s Tax Authority.

Internet Speed Rises in Bahrain

The Kingdom’s Internet speed has improved world on a monthly basis. “Results are Transportation and Telecommunications
considerably, according to findings of a updated midmonth for the previous month. in Bahrain, Kamal Ahmed said about
new report. The latest Speedtest Global January 1, 2019 onward countries must Bahrain’s effort to launch 5G. Batelco has
Index July revealed that Bahrain has the have at least 300 unique user results for selected Ericsson to launch 5G, while VIVA
55th fastest broadband Internet in the mobile or fixed broadband to be ranked in Bahrain has partnered with Huawei that
world. Bahrain’s position rose by 10 places either category. “Prior to January 1, 2019, has registered 1,529 5G patents, according
in just one month, according to the report. we required 670 unique user results for to data analysis firm IPlytics. Last month
The monumental gain was made in July mobile and 3,333 for fixed broadband,” Batelco launched Xiaomi Mi Mix 3, the first
in comparison to June when Bahrain was Speedtest stated. This comes as Bahrain 5G network supported device in Bahrain
placed 65th. Qatar has ranked first in the prepares to take a lead in making the best at Batelco’s City Centre Branch. The
Gulf region and fifth globally on the mobile out of 5G technologies. “There were a lot Xiaomi Mi Mix 3 was tested on Batelco’s
Internet speed index at 59.90 Mbps. In of challenges along the way – ensuring 5G network by a professional gamer who
the region, Qatar is followed by the UAE spectrum availability as soon as possible commented on the speed of the device
at the third place globally at 55.12 Mbps, was a big challenge, but overcoming when connected to Batelco 5G network,
Saudi Arabia at the 58th place globally at these obstacles exemplifies the support as well as its practicality to use digital
42.34 Mbps, Oman at the 94th place at and co-operation amongst Team Bahrain applications including social media apps,
22.91 Mbps and Bahrain at the 55th place and demonstrates how Bahrain can move streaming services and online games
at 43.05 Mbps, according to Speedtest quickly, deliver enormous progress against as it features a large screen with fast
Global Index. The index ranks mobile and an accelerated timeframe, and be a partner mechanism to switch between apps.
fixed broadband speeds from around the to technology leaders,” said the Minister of
51 AUGUST 2019