Egyptian equities performed well in June, bottoming out from their worst monthly level since the beginning of 2019 which was recorded in May. The benchmark EGX 30 index at June’s close finally broke above 14,000, a level that had been hard to hurdle during May. The long-awaited mandatory tender offer (MTO) for Global Telecom Holding (GTHE) by its parent company VEON Ltd. (NASDAQ: VEON) helped spur investor sentiment by end of June. VEON has submitted its MTO officially on Wednesday, just two trading sessions before the end of the month, following several news reports that a settlement with the Egyptian Tax Authority was imminent.
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190702-A-Month-in-Brief-–-A-Breeze-Off-GTHE’s-MTO-Ruffles-the-Market