CAIRO: Egypt s Orascom Telecom plans to buy 37.7 million of its own shares in the coming month, the company said in statement on the Egyptian bourse Web site on Tuesday.
The statement did not give a reason for the purchase, which would cost about LE 2.8 billion ($492 million) at the current share price. It said the company would buy the shares between May 29 and June 29.
Company officials were not immediately available for comment.
Shares of the firm were up 3.86 percent at LE 74.19 Egyptian pounds at 12:31 pm.
