Orascom Telecom has decided to buy back up to 8.9 million global depository receipts (GDRs) or 44.9 million ordinary shares over the next 12 months.

Orascom Telecom has decided to buy back up to 8.9 million global depository receipts (GDRs) or 44.9 million ordinary shares over the next 12 months. The shares, with a current market value of about 2.4 billion Egyptian pounds, represent 4.4 per cent of the company’s total capital. This will be the company’s third buy-back programme in 2008.