Prosecution renews detention period of 10 MBs for 15 days    318 Egyptians return home from Libya    Court resumes trial of 'Province of Sinai' militants    US parliamentary delegation arrives in Cairo Airport    Egypt seeks to restore all stolen artifacts from Israel    'Spreading false news' trial for Al-Ahram website chief editor adjourned to 29 June    ESDP declares its refusal to government's general budget    US dollar value registers at EGP 8.88 on Saturday    Nikkei sees worst drop since 2011, pays price for downplaying Brexit risk    Brexit market shock may push world into recession, an economist says    Europe exasperation with Cameron mounts at ministerial meeting    Palestinian leader retracts rabbis water poisoning allegation    Morgan Stanley denies it began moving 2,000 staff out of London after Brexit vote    Uber to 'hide' surge pricing notifications    Egypt to form national committee for Dabaa nuclear plant    Egypt heatwave to break Monday    Court resumes trial of Press Syndicate's chairman, board members    No repeat of 2003 nightmare as Ahly blossom under Dutchman Martin Jol    Pope says 'never again' to tragedies like Armenian genocide    Egypt in International Media    Veteran striker Meteb commits future to Egyptian champions Ahly    Puerto Rico Governor suspends payments on infrastructure debt    Egypt wins UN Human Rights Council membership for 3 years    Britain pressured for quick EU split as Brexit impact begins    United State's worst floods in a century kill 23 in W. Virginia    Winning the league in Egypt means more than in Holland: Ahly boss Jol    The military protects the will of Egyptians: Defense Minister    London stocks close down 2.8%, Paris 8.0%, Frankfurt, 6.8%    Press push and pull    85 years plus death    Criticisms of cybercrime law    Egypt's javelin thrower Ihab Abdel-Rahman    Only in Africa    Four years later    MUSIC AND DANCE    Egypt in revolution    Beyond spirituality    UK markets shudder after Brexit vote, sterling hits 31-year low    Top Destinations to Visit in Ramadan    Egypt government seizes hospitals, companies owned by Muslim Brotherhood    Temporary blindness tied to smartphone use in dark    Egypt FM says Regeni murder created 'presumptive Italian public opinion'    First major US Quran exhibition at Washington's Smithsonian    'Street Children' satirical group referred to state security prosecution    'Jesus's wife' papyrus is likely a fake, Harvard professor now says    Egyptian Museum to receive returned sarcophagus lids from Israel    Actor Anton Yelchin of 'Star Trek' films dies in freak accident    Sisi to meet Egyptian Olympic mission ahead of Rio trip    







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.