Orascom to get Algeria valuation by end of May
Friday, March 18th, 2011 By Jonathan Terry
The Algerian government and Orascom Telecom of Egypt are eagerly awaiting a valuation report by consultants hired by the North African country to determine the future of a row between Orascom’s local Djezzy unit and the government.
According to the Algerian government, it plans to nationalize the Egyptian parent company’s assets after a battle over back taxes and the unit’s ownership left the two entities rattled earlier this year.
Algeria’s Communications Minister Moussa Benhamadi told Reuters that the valuation was to determine the course of action monetarily with the Egyptian company.
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Uncertainty over how long the nationalization will take and how much Algeria will pay for the lucrative unit had hampered a multi-billion-dollar deal for Russia’s VimpelCom to buy Orascom Telecom assets.
On Thursday, shareholders in Amsterdam narrowly approved the merger, as reported on itnewsafrica.com.
The Algerian government and Orascom Telecom of Egypt are eagerly awaiting a valuation report by consultants hired by the North African country to determine the future of a row between Orascom’s local Djezzy unit and the government.
According to the Algerian government, it plans to nationalize the Egyptian parent company’s assets after a battle over back taxes and the unit’s ownership left the two entities rattled earlier this year.
Algeria’s Communications Minister Moussa Benhamadi told Reuters that the valuation was to determine the course of action monetarily with the Egyptian company.
click here to read the article
Uncertainty over how long the nationalization will take and how much Algeria will pay for the lucrative unit had hampered a multi-billion-dollar deal for Russia’s VimpelCom to buy Orascom Telecom assets.
On Thursday, shareholders in Amsterdam narrowly approved the merger, as reported on itnewsafrica.com.
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