Orascom Telecom Holding S.A.E. (“OTH”) has announced the commencement of a cash tender offer pursuant to which it offers to purchase up to 12 million of its ordinary shares (including ordinary shares represented by global depositary
shares (“GDSs”)) at a purchase price of EGP83 per ordinary share (approximately US$77.5per GDS at the current EGP/US$ rate of 5.3551) for a total of EGP996 million (approximately US$186 million). Treasury shares’ regulations recently issued by the CMA entail the execution of the share buy back by way of a purchase offer if the company holds more than 5% of its own shares and therefore precludes open market buy back.
The tender offer is being made pursuant to an Offer to Purchase, announced by CASE on June 2, 2008, and in the case of the GDSs, as supplemented by the Supplemental Information Document dated June 2, 2008, which together set forth the complete terms of the tender offer.
The tender offer is currently scheduled to expire at 5:00 PM, New York City time, on Monday June 30, 2008, unless the tender offer is extended. Should the number of shares (including shares represented by GDSs), that are validly tendered and not withdrawn, exceed the maximum number of shares under the offer, the tendered shares (including Ordinary Shares represented by GDSs) will be purchased by Orascom on a pro rata, or proportional, basis according to the number of securities tendered by the tendering Holders.
The International Tender Agent and Information Agent for the tender offer is The Bank of New York.
Aldo Mareuse, Group CFO of OTH commented: “This further buy back confirms OTH management’s confidence in the growth prospects of the company and the strong cash flows generated.”
