Orascom Telecom buys back 243,000 GDRs

18 Sep 2008

Egyptian telco Orascom Telecom has purchased 243,000 of its own global depositary receipts (GDR), Reuters is reporting citing a statement from the operator; the GDRs are equivalent to about 1.2 million local shares. The purchase follows a similar move last month, when the operator bought 587,530 of its GDRs and announced its intention to buy back up to 8.9 million GDR shares over the year, market conditions permitting; the full buyback would amount to a 5% stake in the company.

Egypt, Global Telecom Holding (GTH, formerly OTH)