Egypt’s Orascom Telecom Holding has offered new global depository receipts (GDRs) as part of a rights issue. In January 2010, Orascom announced that the subscription price for new GDRs as part of its $800 million rights issue is the dollar equivalent of 5 Egyptian pounds per one new GDR. The proposed rights issue is intended to strengthen the company’s balance sheet, ensure Orascom’s liquidity, including financing needs for the company in case there is no immediate resolution of the tax dispute in Algeria, and for general corporate purposes.
