Bloomberg News

Orascom Telecom Gains Most in 2 Weeks as Djezzy to Share Data

November 15, 2011

Nov. 15 (Bloomberg) -- Orascom Telecom Holding SAE rose the most in two weeks after Algeria’s finance minister said the local unit of North Africa’s biggest mobile-phone company agreed to share its books to accelerate the valuing of the company.

Shares of Cairo-based Orascom gained 1.9 percent, the biggest intraday advance since Oct. 31, to 3.18 Egyptian pounds at 11:42 a.m. in Cairo. The benchmark EGX 30 Index advanced 0.6 percent.

The valuation of Djezzy, which the Algerian government is seeking to buy from Orascom, was scheduled to be completed in June, El Watan newspaper reported on March 8.

“There is a willingness on the part of Orascom Telecom Algerie to go fast in the evaluation process of Djezzy,” Algeria’s Finance Minister Karim Djoudi told reporters in Algiers yesterday. “But I cannot give you a specific time limit until the end of the operation.”

--Editors: Shanthy Nambiar, Peter Branton

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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