VOL. XLIII

No. 31

30-July-2000

EGYPT

Egypts OHH Approves Capital Increase, Plans To Issue E100mn In Bonds

At an extra-ordinary general meeting on 20 July, Egypts Orascom Hotel Holdings (OHH) approved a capital increase of E70mn-100mn ($20.60mn-28.66mn) through a global depository receipts (GDRs) issue in London. According to the company, the GDRs will be issued at E8.0 ($2.29) to E8.5 ($2.44) per share, but recorded on OHHs financial books at E10 ($2.87) per share. As a result, the company will...