(This item was originally published Tuesday.)

CAIRO -(Dow Jones)- Egypt’s Orascom Telecom Holding (ORTE.CI),
the biggest mobile phone operator in the Middle East, said Tuesday that the subscription deadline for new global depositary
receipts, or GDRs, as part of a rights issue is Feb. 18.

Subscription forms and payment must be submitted to Bank
of New York Mellon (BK), said Orascom in an e-mailed statement.

Orascom said last month that the subscription price for new GDRs as part of its $800 million rights issue is the
dollar equivalent of 5 Egyptian pounds per new GDR.

Orascom Telecom said in December that its shareholders approved
the rights issue to strengthen the company’s balance sheet, even as it is trying to resolve a tax issue with Algerian authorities.

The proposed rights issue is intended to further strengthen the company’s balance sheet, ensure Orascom’s liquidity,
including financing needs for the company in case there is no immediate resolution of the tax dispute in Algeria, and for
general corporate purposes, Orascom said in December.

Orascom Telecom has been slapped with a $600 million tax claim
and penalties for FY2004-07 despite the fact that Orascom Telecom Algeria was tax exempted until mid-2007, the company said
in November.

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