CAIRO: Weather Investments, an Italian-based holding company that owns Egypt s Orascom Telecom, said on Monday holders of ?744.6 million ($1.1 billion) worth of the firm s bonds had agreed to sell them back.
Weather offered to buy back ?825 million worth of bonds in August, offering a fee of ?250 for each ?100,000 of principal traded back before Sept. 11.
The bonds have a 4.75 percent coupon and are due in 2013, but include a put option for February 2010.
The bonds are exchangable for Orascom shares and had weighed on the mobile operator s share price this year.
The final deadline for the purchase is Sept. 18, and the firm will announce whether it has accepted offers after a meeting of bondholders on Sept. 21. -Reuters
