LONDON: Egypt s Orascom Telecom plans to sell a $500 million 7-year bond after a roadshow, a banker familiar with the sale said on Friday.

Orascom on Thursday hired Credit Suisse and Citigroup to manage the sale.

The bond will not be callable for three years, and proceeds will be used for general corporate purposes, including the repurchase of shares and capital expenditure, the banker said.

Orascom Telecom is controlled by Egyptian businessman Naguib Sawiris, who also controls Italy s Wind through Weather Investments.