Egypt's Orascom Telecom (OTH) is closer to being delisted, sources said yesterday, after holders of around 10 per cent of its stock agreed to be bought out.
Russia's Altimo, the biggest owner of OTH's parent Vimpelcom,
Russian mobile firm Vimpelcom may soon reach a deal to sell a controlling stake in its Algerian business, Djezzy, to Algeria after the government decided to lift a ban on foreign exchange transfers, Vedomosti reported.
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, the Egyptian company bought last year by Russia's Vimpelcom, narrowed its losses in the fourth quarter to $83 million compared to a year earlier when it was hit by impairment charges.
The firm posted a loss of $170 million
Shares in Egypt's Orascom Telecom (OT) surged 56 percent on Sunday following an eight-week suspension imposed as the company spun off assets owned by Egyptian businessman Naguib Sawiris.
The purchase by Russi
Orascom Telecom hopes to complete a spin-off of businesses not included in a takeover by Vimpelcom by year-end, its executive chairman said, playing down the risks from a legal challenge by some shareholders.
Under the $6 billion deal with
Vimpelcom wants to renegotiate a $6.6 billion bid for control of Egyptian operator Orascom Telecom and other assets owned by Naguib Sawiris after Telenor refused to support the bid.
Norwegian group Telenor, Russian mobile group Vimpelcom
Russian telecom Vimpelcom is expected to mandate banks imminently to arrange a $4 billion loan to part finance its $6.6 billion takeover bid for Egypt's Orascom Telecom and Italy's Wind, according to banking sources.
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