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MENAFN - 20/04/2014
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(MENAFN) Russia's Vimpelcom has recently resolved a dispute with the Algerian government by selling it a majority stake in Algeria's largest telecom operator, The Peninsula Qatar reported.

Orascom Telecom Algeria (Djezzy) was bought by Vimpelcom 4 years ago from Egyptian tycoon Naguib Sawiris for USD6 billion as the firm was looking to grow outside Russia.

Russia's third-largest mobile operator said that its subsidiary Global Telecom Holding (GTH) had signed an agreement to sell a 51 percent stake in Djezzy to the Algerian National Investment Fund (FNI) for USD2.6 billion.

Vimpelcom Chief Executive Officer said: "It is possible for us to take advantage of the very attractive telecom market in Algeria and continue to develop Djezzy, which has been difficult for us all these years."

 


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