Amsterdam, 11 October 2018 – Global Telecom Holding S.A.E. ("GTH") (EGX: GTHE.CA), an Egyptian joint stock company, today announces that it has received notification from VEON Ltd. ("VEON") of withdrawal of its offer to GTH to acquire its assets in Pakistan (Jazz and its associated operations) and Bangladesh (Banglalink) for a total gross consideration of USD 2,550 million. The Board will continue to explore alternate financing options and will communicate more details in due course.