Orascom Telecom, the largest Arab mobile operator by subscribers, announced on Thursday that it had agreed to reduce its capital.
The agreement, reached during the general meting, was to cancel 128.7 million treasury shares to bring its issued capital to 899.4 million shares.
The company has bought back its own shares twice this year for a total of 118 million. Its first buyback offer, for 106 million ordinary shares, was more than three times oversubscribed. As of June this year, Orascom said that it had already cancelled 61.9 million shares.
The company had said it wanted to buy back shares because it had a large cash surplus and could not find attractive alternative investments.
About Orascom Telecom
Orascom Telecom Holding S.A.E. is the first multinational Egyptian corporation. It is one of the core Orascom Group companies, and considered among the largest and most diversified network operators in the
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