Egyptian Hotel Company To Buy Parent

CAIRO Egypt s Orascom Hotel Holdings (OHH) said it would acquire 100% of parent company Orascom Projects and Touristic Development (OPTD) through a share swap. OHH will issue 50 million new shares valued at $126 million to buy all of OPTD s 38.4 million outstanding shares. Shareholders would get 1.3 OHH shares for each OPTD share. The deal still needs shareholder approval. (1/30/01) SOURCE:Reuters