Orascom seeks second share buyback

BUY BACK: Orascom Telecom has applied to buy back up to 12 million of its own shares for about $186 million. (Getty Images)

Egyptian mobile operator Orascom Telecom said on Tuesday it has applied to buy back up to 12 million of its own shares for about $186 million, its second such offer this year.

The company has said it wants to buy back its own shares because it has a large cash surplus and could not find attractive alternative investments.

Orascom said it would buy shares at 83 Egyptian pounds ($15.51) per ordinary share and about $77.50 per global depositary receipt.

The offer should begin on June 2, Orascom said.

In a buyback offer earlier this year shareholders offered to sell more than three times the amount of shares the company said it would buy.

The company had offered to buy back up to 106 million ordinary shares at 83 pounds per share.

Shareholders had offered 363.3 million shares, Orascom said. Orascom shares last traded 0.51% lower at 75.36 pounds.(Reuters)

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