Talks between Algeria and Russian operator VimpelCom to find a resolution for the ownership dispute of Algerian mobile operator Djezzy are progressing well, Reuters reported with reference to the telecoms minister.
As reported previously, VimpelCom…
Talks between Algeria and Russian operator VimpelCom to find a resolution for the ownership dispute of Algerian mobile operator Djezzy are progressing well, Reuters reported with reference to the telecoms minister.
As reported previously, VimpelCom acquired Djezzy as part of the merger with Wind Telecom, the parent company of Djezzy’s owner, Orascom Telecom. But before the merger was completed, the Algerian government said it would nationalise Djezzy after accusing Orascom Telecom of tax irregularities.
Telecoms minister Moussa Benhamadi reportedly said that “new steps” are expected in the coming days, and that the process will accelerate.
Last January Algeria had hired law firm Shearman & Sterling to value the mobile operator. According to Reuters Algeria is expected to offer compensation to the new owners once the valuation process of Djezzy has come to a conclusion. Vimpelcom might also be allowed to keep a minority stake.
Earlier reports had speculated that the government could take 51% of Djezzy, while VimpelCom would retain the rest.
