“Orascom Tel must settle debts before deal”
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 negotiate terms for the nationalisation of its
Djezzy unit and now wants the deal concluded as quickly as possible,
but the new conditions imposed by Algeria are likely to delay the
process.
Some analysts say
prolonged uncertainty over Djezzy – Orascom Telecom’s biggest source of
revenue – could jeopardise a $6.6 billion deal for Russia’s Vimpelcom
to acquire Orascom assets, creating the world’s fifth-biggest mobile
operator.
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