Egyptian mobile operator Orascom Telecom has applied to buy back up to 12 million of its own shares for about $186 million, its second such offer in 2008.

Egyptian mobile operator Orascom Telecom has applied to buy back up to 12 million of its own shares for about $186 million, its second such offer in 2008. In the previous buy-back offer, Orascom’s shareholders offered to sell more than three times the amount of shares the company intended to buy. This time too, it is likely to buy the shares at 83 Egyptian ?? per ordinary share and about $77.5 per global depositary receipt. The company has stated that it wants to buy back its own shares because it has a large cash surplus and cannot find attractive alternative investments at present.