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Trading resumes on Egypt's OT after firm denies links with Djezzy talks

Wednesday 22 May 2013

Orascom Telecom stocks are briefly suspended following reports that talks between vimeplCom, Algeria government over mobile-phone operator Djezzy had wrapped up

Trading resumed on Egypt's Orascom Telecom Holding (OTH) on the Egyptian stock exchange on Wednesday after the company said that it "wasn't a party" to talks between parent company VimpelCom Ltd. (VIP) and the Algerian government over the proposed takeover of Algiers-based unit Djezzy.

Trading in the stock was suspended earlier in the day after Dow Jones Newswires reported that the talks – now approaching their second year due to disagreements over valuation – had concluded.

Russia-focused VimpelCom acquired Djezzy last year as part of a $6-billion deal to buy the assets Egypt's Orascom Telecom. Djezzy, Algeria's biggest mobile-phone operator, had represented the most lucrative part of Orascom's business.

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