Dresser-Rand provides three SGT-400 gas turbines for Egypt's Zohr gas field    Police officers suspected to be behind Ismailia jail break    Gold pressured by Fed rate hike prospects    Saudi Arabia looks to Russia to boost non-OPEC cooperation    Battle for Mosul can shape or break Iraq further    Clinton says to focus on issues, not Trump    Battle for Aleppo intensifies after ceasefire ends    Egyptian fishermen detained near Tunisian port of Sfax    UK tries to make up for burying explosives in Egypt's western desert    Senior Egyptian general shot dead outside home    Lewaa El-Thawra claims responsibility for assassinating senior Egyptian general    EU, UNDP inaugurate artificial limbs centre in Egypt's north west coast    Support Egypt sweeps parliamentary committees    Sinai: A new focus    The battle for Mosul    Iran's role in Mosul    Desperate times for tourism    Better with age    Early handshake    Silver splash    4G enabled    FDI galore?    Top notch defence for policeman    CINEMA    Religious anonymity    Café de Paris butter stuffed breaded chicken    THEATRE    Cry my beloved language    The fall of ‘Nobel'    Egypt and world oil prices    Egypt, Japan to sign two financing deals in final week of October    Prominent Egyptian poet Farouq Shousha dies at 80    Bob Dylan wins Nobel Literature Prize first time for songwriter    Serena Williams speaks out against police killings: 'I won't be silent'    Supercar maker McLaren says not in talks with Apple    Sherif Osman Secures Egypt's First Gold Medal at Rio Paralympic Games    تغريدة - هكذا كانت تهنئة نجوم وفرق العالم للمسلمين بعيد الأضحى    صورة- ذا روك يعلن عن بطلة فيلمه الجديد Jumanji 2    Court sentences Geneina to 1 year in prison    Egypt will always remain an oasis of security: Sisi    Egyptian Exchange gains EGP 2 billion on Thursday    Obama Passes Torch to Clinton, Slams Trump    Egypt in the international media    Azhar rejects Egypt govt decision to standardise Friday sermons    British delegation agreed MB designation as a terrorist group, MPs    Egypt in the international media    Egyptian Lebanese House to release Shahawy's new book next month    Antiquities Min. to extend Archaeological Transcripts& Books Fair    

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

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 had abandoned the acquisition plan.
It was the first comment from 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 and the dispute over the ruling prompted analysts and local media to speculate that the two sides might abandon talks.
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 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 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.