Egyptian Orascom floats finance bonds worth 300 million pounds

The Egyptian group Orascom, owned by businessman Onsi Sawiris and his three sons, has decided to float finance bonds valued at 300 million pounds aiming at financing the company's expansion. The term of the bonds is seven years at an interest rate of 11%.

ArabicNews.com learned that 70% of the bonds will be floated in a closed subscription among financial corporations and banks on the basis that rest of the subscription is to be available to the public.

These bonds will be specified for financing Orascom company of industry and construction, one of the new companies, and the offering will be floated at the beginning of the new year.