Thursday, 19 October 2017 10:10 GMT
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Russia's Vimpelcom settles Algeria dispute with USD2.6b stake sale

(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."
Russia's Vimpelcom settles Algeria dispute with USD2.6b stake sale