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
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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