Egyptian company raises bonds worth 100 million pounds

The Egyptian company Orascom Projects and Touristic Development said it is raising the second set of financing bonds for seven years with a total value 100 million pounds at a fixed rate of 12.5% to be paid every six months.

The new issue will be run by the MC company for investment and Misr Bank, which performs the role of a guarantor to cover the subscription.

70% of all the company's shares are owned by the family of Egyptian businessman Onsi Sawiris and his sons --Nguib, Naseef and Sameh-- while the International Finance Corporation affiliated to the World Bank owns the rest.