OT may buy back 5 pct of GDRs in 2007

Cairo: Orascom Telecom (OT) may buy back five percent of its global depositary receipts (GDRs) this year, the company said in a statement seen on Tuesday. Orascom Telecom continues to evaluate opportunistic repurchases of its GDRs in light of favorable relative market valuations, the statement said. In order to provide the flexibility to repurchase GDRs in the future as suitable conditions prevail, Orascom Telecom announces a potential on-market GDR repurchase plan of up to the GDR equivalent of 5 percent of the outstanding shares over the next 12 months, it added. It said the 5 percent figure was equivalent to approximately 11 million shares. The company also said it would continue to evaluate a number of investment opportunities, including acquisitions of new licenses and established operators, as well as repurchases of minority stakes in existing OT operations . Orascom Telecom has mobile phone operations in Algeria, Pakistan, Egypt, Tunisia, Iraq, Bangladesh and Zimbabwe.