Legal environment, lack of transparency challenge economy: UNB board director    Police officer shot dead in Egypt's Fayoum    Sierra Leone official: Ebola worst could be over    FA to 'honor' departing Egypt manager    78 pro-Morsi youths jailed in Egypt's Alexandria    Ferguson officer says he never wanted to kill    Nigeria's Moses faces eight-week layoff    Cement prices stable: Supply minister    NUCA Eyes EGP26 billion Business Volume This Year - Official    Opportunities, challenges for investment in Egypt's renewable energy sector    Former Germany captain Lahm among defenders on FIFA shortlist    Asia Shares Rise on U.S. Optimism, Oil under Pressure Before OPEC    Court claims no jurisdiction over religiously affiliated parties    Cabinet approves ‘terrorist entities' draft law    UN adopts resolutions presented by Egypt    Al-Sisi, Hollande hold counter terrorism talks    Abraaj tops Kellogg's offer in race to acquire Egypt's Bisco Misr    Syria "no-fly zone" not being considered: NATO General    PHOTO GALLERY: Revisiting Egypt's contemporary dance scene    Special forces, explosive experts to be deployed 28 November: Interior ministry    Dispersal of pro-Morsi sit-ins left 703 dead: Fact-finding committee    Live score: Basel vs. Real Madrid (UEFA Champions League)    Cyprus and Egypt Freeze out Turkey in Possible Gas Deal    Egypt's FM to Visit Khartoum for Arab-Russian Forum    Islamic State group got up to $45M in ransoms: UN    Thomas Cook says CEO Harriet Green to step down    Egypt Needs More Flexible Exchange Rate - IMF    Controversial preacher detained 15 days over violence charges    Egypt's Sisi Piles on to Hagel's Fractured Legacy    BREAKING: Lebanese songstress Sabah dies at 87    Ethiopia hopes to set world record for HIV tests    Muhammad Ali daughters promote 'I Am Ali' in UK    UPDATE: Building collapse in Cairo kills 18 people    Students Against the Coup threatens more road blocks    Al-Sisi meets Pope Francis    Egypt to Reopen Rafah Crossing Wednesday    Evacuation of North Sinai Buffer Zone Complete    IBM Egypt Rolls out Watson Solutions for Disease Diagnosis via 3G-Technology    Port Said trial postponed to 20 December    Egypt's Sisi Heads to Rome on First European Visit    Egyptian squash player wins world title for 3rd time    VIDEO: Ahli grab dramatic 96th minute win, Zamalek go top    How does Egyptian culture influence its politics?    Army refused to secure the match: Port Said trial defendant    Australian Actor Chris Hemsworth Named 'Sexiest Man Alive' By People Magazine    German Auction House Putting Hitler Watercolour On Market    How Michael Jackson Made $150 Million In 2014    Little Egypt: Journey through history in 2 hours    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.




Your friends recommend

Algeria says talks on acquiring Vimpelcom unit continue
Algerian finance minister says talks to sell Algeria a 51 per cent stake in Vimpelcom's local mobile phone unit Djezzy have not stalled
Published in Ahram Online on 03 - 09 - 2012

Algeria's finance minister denied speculation that its talks on acquiring a controlling stake in local mobile phone unit Djezzy from emerging markets telecoms operator Vimpelcom had stalled.
"Talks are continuing," Karim Djoudi told reporters at parliament on Monday, when asked whether Algeria" class="city">Algeria had abandoned the acquisition plan.
It was the first comment from Algeria" class="city">Algeria since March, the month that the government imposed a $1.3 billion fine on Djezzy for violating foreign currency regulations.
Vimpelcom has appealed against the ruling by a court in Algiers" class="city">Algiers and the dispute over the ruling prompted analysts and local media to speculate that the two sides might abandon talks.
Russia" class="city">Russia-focused Vimpelcom acquired Djezzy last year as part of a $6 billion deal to buy assets of Egyptian firm Orascom Telecom, but this transaction became clouded in uncertainty after the government sought a majority stake in the unit.
Djezzy was the most lucrative part of Orascom's business. and the negotiations for Algeria" class="city">Algeria to buy the firm have dragged on for more than a year, complicated by the case mounted against the unit over the alleged breaches of foreign exchange rules.
Vimpelcom agreed in January to sell Algeria" class="city">Algeria a 51 per cent stake in the unit. It said at the time it had signed a memorandum of understanding with the finance ministry to explore the sale, subject to agreeing an acceptable price.
Asked on Monday to give details of the talks, he said: "We cannot comment on this issue until an agreement is reached."


Clic here to read the story from its source.