Orascom Telecom climbs 12.7 per cent on share buyback plan

10 February 2009
Egypt's Orascom Telecom gained 12.7 per cent on the Egyptian Exchange on 10 February, after it announced plans for a share buyback programme.

The operator, which is owned by the Sawiris family, one of Egypt's richest dynasties, confirmed that it had asked the Capital Market Authority to approve a share buyback programme lasting three months.

The move in its share price helped lift the Case 30 index of the exchange's largest companies by 3.9 per cent to 3,553 points.

The company did not say how large the buyback would be.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications