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FINANCIAL NEWS
Algeria set to buy telecom firm Djezzy
01 Nov 2010
(MENAFN) The Algerian government said that it was determined to buy Algerian mobile operator Djezzy which is currently being acquired by Norwegian-Russian telecoms giant Vimpelcom as part of a major takeover deal, Reuters reported.
Vimpelcom said earlier this month it would consider selling Djezzy to Algeria after it acquired control of parent firm Orascom in a multibillion-dollar deal with Egyptian billionaire owner Naguib Sawiris.
The Algerian government has said it plans to nationalize Djezzy as part of a dispute over tax and outstanding debt.
Local speculation puts the price for Djezzy, the top Algerian telecoms company with 15 million customers, at $3.0 billion to $3.5 billion dollars.
According to Algerian foreign investment laws, the state must hold 51 percent of any foreign company operating in the country.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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