Egypt Bourse cancels Orascom Construction trades

Reuters, Tuesday 15 Nov 2011

Egypt's largest listed firm plans bond repayments as it prepares to reorganise its ownership structure

Egypt's stock exchange said in suspended trading in Orascom Construction Industries shares on Tuesday and cancelled the day's trades in the stock after the company announced plans for an early bond repayment.

Orascom said in a statement it would repay holders of bonds due for repayment in 2015 as it prepares for a reorganisation of the group's ownerships structure.

It has signed new credit facilities to refinance existing loans and help carry out a planned separation of its fertiliser and construction operations.

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