Algeria sees Djezzy valuation completed end-March

Reuters, Wednesday 7 Mar 2012

Minister says valuation of Djezzy mobile phone unit for partial nationalisation to be concluded by end of March

Algeria expects a valuation of Vimpelcom's Djezzy mobile phone unit, which it is part nationalising, to be completed by the end of March, Telecommunications Minister Moussa Benhamadi told Reuters on Tuesday.

Vimpelcom, which acquired Djezzy as part of a $6 billion deal to buy the assets of Egyptian firm Orascom Telecom , earlier this year agreed, under pressure, to sell Algeria a 51 per cent stake in the unit, which had been the most lucrative part of the Egyptian firm's business.

Speaking at an industry event in Qatar, Benhamadi declined to say what the valuation was likely to be.

Algeria said a year ago it had appointed law firm Shearman & Sterling LLP to advise it on the valuation of Djezzy.

"We expect the end of March," Benhamadi said when asked about the completion of a valuation on the unit.

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