Egyptian Orascom hotels to float up bonds worth 200 million pounds

The Egyptian Orascom Projects & Touristic Development company intends to float bonds worth 200 million pounds in the coming months in two stages.

The first stage will be worth 100 million pounds offered over seven years with an interest of 11% and the second will have a value of 100 million pounds with term of 10 years at an interest of 11.5%.

A statement released by the EFG-Hermes investment company said these new bonds aim at financing the company's projects, adding that the company is to float bonds by the Global Depositary Receipt (GDR) system worth 100 million pounds. (GDR= A financial mechanism allowing an issuer to raise capital simultaneously in two or more markets through a global offering).

The price of Orascom's shares in the Egyptian stock market currently is 8 -10 pounds.