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International bonds for Orascom
Egypt, Business, 5/14/1999
The international group Merrill Lynch and Egypt's Hermes are preparing to promote shares of Orascom Projects and Touristic Development that were registered by Global Depositary Receipts (GDR) in September.
The company has bought part of its shares in the market after the price of the each share fell to only 9 pounds while, the original value of the shares amounted to 10.25 L.E.
Sources in the Egyptian stock market told ArabicNews.com that registering the shares of Orascom through GDR certificates will lead to the increasing the liquidity of the company, which will help it upgrade its projects based in the El-Guna region on the Red Sea and Taba, adding that these shares will contribute in increasing the share price to "its real price."
Previous Stories:
Expo could bring 9 percent increase in French share of Egyptian market
(4/29/1999)
Selling 39 percent shares of Rihana hotel at Red Sea
(4/26/1999)
Egyptian Orascom hotels to float up bonds worth 200 million pounds
(3/19/1999)
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