Global Telecom Holding S.A.E. (CASE:GTHE) announces a share repurchase program. Under the plan, the company will repurchase up to 524,569,062 shares, representing 10% of issued share capital at a price of EGP 7.90 per share for a total of EGP 4,100 million. The shares purchased by the company pursuant to the share buy-back will be held in treasury until a reduction of capital is approved by an Extraordinary General Assembly meeting of the shareholders of the company. The repurchase plan will be financed using available cash and either existing or new credit facilities. The shares will be repurchased in order to maximize shareholder value, to reduce the company’s share capital, as a supportive action to the cancellation of its GDR Listing. GDR Holders may not sell their GDRs directly in the share buyback. However, GDR Holders may participate in the share buyback by withdrawing the shares underlying their GDRs from the Bank of New York Mellon and then offering for sale those shares in the share buy-back. If the aggregate number of ordinary shares of the company offered for sale in the share buy exceeds 524,569,062, the number of buy-back shares which will be accepted from each shareholder who offered buy-back shares into the share buyback will be scaled down pro-rata in relation to the total number of buy-back shares so offered for sale. The repurchase plan will be valid till February 16, 2017. As of January 16, 2017, the company has no shares in treasury. On February 10, 2017, the company announced that the Central Bank of Egypt has confirmed that it has no objection to making available the U.S. Dollar equivalent of Egyptian Pounds to GDR Holders located outside Egypt who successfully participate in the share buy-back.