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Skip Navigation LinksHome :: Markets/asset classes :: Middle East and Africa :: Bids in Egypt's Orascom share buyback tender exceed offer 30 times.

Thursday, July 3, 2008

Bids in Egypt's Orascom share buyback tender exceed offer 30 times.





Bids in Egypt's Orascom share buyback tender exceed offer 30 times. Investors offered to sell 30 times the number of Egyptian mobile operator Orascom Telecom‘s shares the company said it would buy back in a tender, Orascom said in a statement. The number of shares investors offered to sell amounted to 356.7mn shares in the tender which closed on Jun 30, the company added. Orascom sought to buy back 12mn shares at EGP 83 (USD 15.6) per ordinary share and EGP 415 (USD 77.6) per global depositary receipt (GDR). Orascom said earlier it wanted to buy back its own shares because it had a large cash surplus and few investment opportunities.







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