Cairo, August 1st, 2007: Orascom Telecom Holding S.A.E. (“OTH”) announced today that it has cancelled 10 million shares (equivalent to 2 million GDRs). In March 2006, OTH announced that it will purchase 2 million Treasury Shares, on April 18th, 2007 the cancellation was voted upon in the Extraordinary General Assembly Meeting and during the last three months, the cancellation procedures required under Egyptian law were carried out. After the cancellation, OTH’s issued share capital will consist of 1,090,000,000 shares (equivalent to 218 million GDRs).
On January 22nd, 2007, OTH announced a potential repurchase plan of up to 5% of the outstanding shares over a 12 month period. OTH completed this announced buyback by purchasing 10,227,764 GDRs on the LSE and 3,861,180 local shares on CASE. In total, OTH has purchased on both the Cairo & London stock exchanges 11,000,000 in equivalent GDRs. OTH will continue to evaluate opportunistic repurchase of its shares in light of favourable relative market valuations.
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