Algeria to choose advisor on Djezzy within days

Thursday 25 Nov 2010

10 bidders to advise the Ministry of Finance on Orascom Telecom Algeria purchase

Djezzy, Orascom Telecom, Algeria.


A total of 10 international banks and offices submitted tender bids Wednesday for a contract to advise Algeria's Ministry of Finance on the acquisition of Orascom Telecom Algeria, or Djezzy, the Algerian newspaper Al-Khabar reported Thursday, without disclosing where it obtained the information.

The bids will be studied and a decision provided "in the coming days," the paper added.

The valuation process will take between six weeks to six months, Al-Khabar says.

Orascom Telecom's investment in Algeria, Djezzy, which accounts for almost 50% of the group's revenue, is currently the subject of the row with Algiers over hundreds of millions of dollars in back-tax claims.

Orascom Telecom is owned by Egyptian Telecom mogul and billionaire Naguib Sawiris.


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