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Egypt OT buys back 243,000 GDRs PDF Print E-mail
Written by Egypt News   
Wednesday, 17 September 2008
Egyptian Orascom Telecom (OT) ORTE.CA announced on Wednesday that it bought back a further 243,000 of its own global depositary receipts
The GDRs are equivalent to about 1.2 million local shares, a company statement said. The company last month purchased 587,530 of its GDRs and announced its intention to buy back up to 8.9 million GDR shares over 12 months, market conditions permitting, a company official said.
 
Orascom Telecom

The full buyback would amount to a 5 percent stake in the company, the biggest Arab mobile phone operator by subscribers.
At 1113 GMT, OT's London-listed GDRs were trading at $39.05.

EGYPT NEWS

» 1 Comment
1"Managing Director"
at Tuesday, 16 December 2008 00:04by Mustapha Rajai
"OT to buy back 243,000 of its own global depositary receipt " Well done and all the best.. To Sustain its own Shares,a company sends accross a message to the other shareholders that the management are so Confident in their Company ....People should hold the Sahres esp in these times of " Turbulant Waters"  
 
ALL THE BEST Messrs Sawiriss
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