Weather says won't sell Orascom shares in buyback
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Weather says won't sell Orascom shares in buyback UPDATED 28 May 2008 | 8:04  
Weather says won't sell Orascom shares in buyback

CAIRO (Reuters) - Italian holding company Weather Investments does not intend to sell any of its shares in Orascom Telecom (OT), which is seeking to buy back 12 million of its own shares for about $186 million, Weather said in a statement received on Wednesday.

Weather, which is owned by Egyptian billionaire Naguib Sawiris and has a controlling stake in Orascom Telecom, said in April it would sell some of its OT shares to OT under a previous buyback offer which ended on May 14.

The earlier buyback offer, for 106 million shares, was more than three times subscribed, but neither company announced how many shares, if any, Weather had sold.

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