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Egypt Phone Card News | Egypt Telecom News
Egypt Orascom Telecom to reduce issued capital

Date: 2/26/2008 2:40:29 AM

Egypts Orascom Telecom ORTE.CA(ORTEq.L: Quote, Profile, Research) has approved a plan to reduce its issued capital by writing off treasury shares, leaving the number of fully paidup shares at 1.028 billion, the firm said on Monday.

Orascom Telecom said in a statement that an extraordinary general meeting had approved "the reduction of the companys issued capital by writing off the companys treasury shares by the amount equal to 61,900,000 shares".

The firm did not say when the reduction would take place. OT currently has 1.09 billion shares.

Shares in Orascom Telecom, the fourthbiggest Arab mobile operator by market value, ended 1.9 percent higher at 85.70 Egyptian pounds ($15.59) on Monday.

At the current share price, the 1.028 billion shares would be worth 88.1 billion pounds. ($1 = 5.4955 Egyptian pounds)

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