The EGX’s Listing Committee imposed an EGP 25,000 penalty on Global Telecom Holding due to a violation of Article 27 of the Listing Rules.
Article 27 states that the publication of core events should be in coordination between the company and management of the stock market rather than publishing during trading hours.
Global Telecom Holding published a press release on January 16 announcing their proposed share buy-back and cancellation of GDR program.
The sum should be paid within 15 days from the date of notification. Otherwise, the Listing Committee will reconsider the company’s position.