Jan 26 2006 |
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British Telecom Eyes Equity Participation in Algerian Telecom Firm
Britain's BT is reportedly interested in a possible stake acquisition of the Algerian state-owned phone company Algerie Telecom . According to business sources in Algiers, a mission will take four senior executives of BT to Algiers in February, including the company's chief executive officer. The mission will be led by Lady Olga Maitland, a former member of the British parliament for Sutton and Cheam (1992-1997) and who currently chairs the Algerian-British Business Council.Although the Algerian privatization authority has already put Algerie Telecom on its selling block, the BT mission will most likely occur when the Algerian government council endorses the privatization plan. But BT is also interested in a broader presence in the emerging North African economy with potential investments in information technology, fixed and mobile telephony services, and other sectors.
British businesses have thus far been behind when it comes to doing business in Algeria but there are signs that changes will occur in the foreseeable future. This month, the Lord Mayor of the City of London is scheduled to visit Algiers from January 25 to 27. His role as a promoter of London's financial industry is likely to provide opportunities for cooperation between the two countries.
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