Orange to buy back its shares if its capital increase does not meet EGX requirements

Orange Egypt will buy up its own shares at fair value if its capital increase does not meet EGX requirements and the bourse forces it to delist, the company said in a statement to the bourse. The company is still studying its planned additional share issuance to ensure its compliance with EGX requirements, according to the statement. Orange had announced its planned capital increased to EGP 16.4 bn from EGP 1 bn in November, and received approval from the Financial Regulatory Authority last month.