Monday, June 16, 2008

Egypt's mobile operator Orascom to reduce capital by USD 13mn.

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Egypt's mobile operator Orascom to reduce capital by USD 13mn. Egypt's mobile operator Orascom Telecom applied to Egypt 's regulator to reduce its issued capital to EGP 1bn (USD 192mn) from EGP 1.1bn (USD 205mn), the company said on the stock exchange website. No further details were given in the statement. Orascom, who said it didn't have attractive investment opportunities to invest its cash surplus in, offered this year to buy back up to 118mn of its own shares and its first buyback offer, for 106mn ordinary shares, was more than three times subscribed.

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Egypt's mobile operator Orascom to reduce capital by USD 13mn.

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