Tuesday, May 31, 2011
(This story was originally published Monday.)
DUBAI (Zawya Dow Jones)--Algeria is committed to acquiring mobile operator Orascom Telecom Algeria, or Djezzy, the Algerian Press Service, or APS, reported late Sunday, citing the country's Prime Minister Ahmed Ouyahia.
"I confirm that the Algerian state will buy Djezzy," Ouyahia said, according to APS. "I can confirm that the procedure (redemption) will go to completion."
Algeria said in February the process of valuing Djezzy would be completed by June. The Algerian government appointed in January law firm Shearman & Sterling to evaluate Djezzy, the first step in nationalizing the unit.
Djezzy, which is the largest source of revenue for Egypt's Orascom Telecom, is the subject of an ongoing row with Algiers over hundreds of millions of dollars in back-tax claims. Orascom Telecom has said previously that it might seek international arbitration if talks to resolve the Djezzy dispute with the Algerian government fail.
Newspaper Web site: http://www.aps.dz/Algeria-committed-to-buy-Orascom.html
-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
31-05-11 0347GMT
