Egypt bourse cancels OCI shares trading
Cairo, November 15, 2011
Egypt's stock exchange suspended trading in Orascom Construction Industries (OCI) shares on Tuesday and cancelled the day's trades in the stock after the company announced plans for an early bond repayment.
Orascom said in a statement it would repay holders of bonds due for repayment in 2015 as it prepares for a reorganization of the group's ownerships structure.
It has signed new credit facilities to refinance existing loans and help carry out a planned separation of its fertiliser and construction businesses into two legal entities under a single holding company.-Reuters