Global Telecom Holding (GTH) [GTHE.CA] has completed the payment of USD60mn in tax claims to Atheer Telecom, in addition to USD7.75mn in accrued interest on 15 March 2017. The dispute was regarding the 2007 sale of Iraqna, GTH’s Iraqi subsidiary at the time, which Atheer had paid certain taxes on. Atheer initially claimed USD280mn, but the claim was later reduced to USD60mn.
Global Telecom Holding: EGP7.03 as of 20 Mar. 2017, Rating: Buy, TP: EGP10.48/share, MCap: USD2,016mn, GTHE EY/GTHE.CA