Bloomberg News

Egyptian Pound Gains After Orascom’s Plan to Sell $300 Million

December 20, 2011

Dec. 20 (Bloomberg) -- The Egyptian pound gained after Orascom Construction Industries said it will sell dollars to repay bonds in local currency.

The pound strengthened 0.1 percent, the most since Dec. 14, to 6.0200 a dollar at 1:23 p.m. in Cairo. It has declined 3.6 percent this year after a 44 percent slump in the country’s foreign currency reserves.

Orascom, Egypt’s biggest publicly traded builder, said yesterday it will sell about $300 million to help repay a 1.65 billion-pound bond as part of a “debt refinancing package” for the company’s fertilizer units. The company said last month it will repay its 11.75 percent bonds by Dec. 28.

--Editors: Shaji Mathew, Andrew J. Barden

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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