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Algeria denies report, says valuation of local telecom unit not done
Jonathan Terry Published in Bikya Masr on 22 - 09 - 2011

The Algerian ministry of telecom said on Wednesday it had not yet received a valuation for Egypt's Orascom Telecom unit in the country. The Djezzy unit, OT's largest source of revenue, continues to see delays over a deal for the Algerian government to purchase the telecom unit after OT disputed and refused to pay back taxes since 2009.
On Tuesday, Egypt's al-Borsa newspaper, citing an unnamed OT official, said that Shearman and Sterling, the law firm hired to value the company, had completed its report and the unit would be valued at $7 billion.
The initial report boosted OT stocks in Egypt, seeing the company reach a 7-week high before dropping on Wednesday as a result of the Algerian government's statement.
Algeria has said it wants to buy Djezzy and ordered the law firm to determine the value of the Algerian unit.
Orascom Telecom Executive Chairman Khaled Bichara told Reuters news agency that “we have not received any official information on (the evaluation of) Djezzy. We cannot comment on rumors or news published in newspapers.”
BM

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