Egypt's Orascom gets board OK for EGP 1.65 billion of five-year bonds

By Angela McDaniels

Tacoma, Wash., May 5 - Orascom Construction Industries said its board of directors has approved a plan to issue up to 1.65 billion Egyptian pounds of five-year bonds.

The proceeds are expected to be used to finance general corporate purposes, including capital expenditures, potential acquisitions and balance sheet restructuring, according to a company news release.

The final decision on the bond issuance is subject to shareholders' approval during an upcoming extraordinary general meeting and customary regulatory requirements.

Orascom is a cement producer and construction contractor based in Cairo.

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