Weather Investments (WI), a company headed by Egyptain businessman Naguib Sawiris, has launched a $5 billion claim against Algeria for damage to the company's stake in Orascom Telecom Algérie (known as Djezzy).
Algeria will pay $6.5 billion to acquire a controlling stake in Vimpelcom's Algerian mobile phone unit, a top finance ministry source said on Wednesday, potentially ending a dispute that has dragged for over a year.
"The deal is that Alger
Orascom Telecom climbed 10 per cent after an Egyptian newspaper reported that a law firm charged with valuing the company's Algerian unit said Djezzy was worth $7 billion, traders said.
Djezzy, Orascom's Algerian unit and its single bigges
Algeria has provisionally appointed law firm Shearman & Sterling LLP to advise it on the nationalisation of Orascom Telecom's local mobile phone unit, the official news agency reported on Monday.
The firm is scheduled to complete withi
Orascom Telecom (OT) will seek international arbitration soon in a dispute with Algeria's government over the Egyptian company's unit Djezzy, OT's chairman was quoted as saying.
A planned $6.6 billion sale of OT assets to Russia's Vimpelco
Algeria will pay a market price to nationalise Orascom Telecom's local unit, the country's telecoms minister said on Wednesday, but he declined to give a figure or say when an offer would be made.
The Egyptian firm reluctantly agreed to ta
The Algerian government is likely to make an offer to buy Orascom Telecom's local mobile phone unit by the middle of next year, Algerian government and telecoms sources said.
Orascom Telecom has over $3 billion of debt maturing between
Egypt's mobile phone company Orascom Telecom said it still hoped to resolve a dispute with the Algerian government over its Djezzy unit although it did not rule out arbitration as a last resort.
'There is an international tender to
Orascom Telecom must settle all its liabilities before Algeria will conclude a deal to nationalise the Egyptian firm's local mobile phone unit, Algerian Prime Minister Ahmed Ouyahia said on Sunday.
Orascom Telecom has reluctantly agreed to
Algeria said on Monday it was seeking investment banks and consultancies to advise on the nationalisation of Djezzy, the local unit of Egyptian group Orascom Telecom and its biggest source of revenue.
Russian mobile phone operator Vimpelco