CAIRO, Dec 25: Egypt’s Orascom Construction Industries said on Tuesday it will redeem all of its outstanding third issue bonds, with a total value of 1.16 billion Egyptian pounds ($210.36 million).

The firm, which is Egypt’s largest listed construction company by market value, said the early redemption process will start on Feb 3, 2008 when bondholders are eligible to coupon number 6.

Hassan Badrawi, OCI’s investor relations director, told Reuters the move was aimed at “cleaning up our debt portfolio.” “This is one of the ramifications of the big material transaction we had this month,” he added.

Lafarge agreed early in December to buy Orascom Cement, an affiliate of OCI, for 8.8 billion euros ($12.8 billion) to boost its exposure to high-growth emerging markets.

According to the agreement Nassef Sawiris, the majority shareholder of OCI, will buy an 11.4 per cent stake in Lafarge and Orascom will get two seats on the French giant’s board.

Third issue bonds were issued in mid-2005. They are in three tranches, two in Egyptian pounds with a par value of 87.5 pounds and one in dollars with a par value of $87.5. Shares in OCI last traded on Tuesday 1.5 per cent down at 564.02 pounds.