October 11, 2018 / 6:50 AM / in 9 months

Veon withdraws offer for subsidiary's stakes in Pakistan and Bangladesh

(Reuters) - Mobile phone operator Veon said on Thursday it was withdrawing an offer to acquire the stakes its GTH unit holds in its Pakistan and Bangladesh businesses, citing concerns about the Pakistani currency and resistance from GTH minority shareholders.

Veon, which owns a controlling 57.7 percent of Egypt-based GTH, offered to buy the stakes for $400 million in cash and taking over their $1.6 billion in debt, which is already consolidated on Veon’s balance sheet.

Reporting by Alan Charlish in Gdynia

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