Algeria authorities will not give up “Djezzy”: Algerian minister says

The Algerian minister of small and medium sized companies Mohammed Ben Merradi has indicated that the merger of Orascom Telecom Algeria and the Russian Vimpelcom will not alter the Algerian authorities’ plans to takeover the Algerian branch of the Egyptian group “Djezzy”.

• The Algerian Press Agency has quoted the minister saying that the property transfer of Orascom Telecom Holding will not be an impediment for taking over “Djezzy” by the Algerian government.
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• Ben Merradi has indicated “ It’ two  separate operations, the first one deals with a purely commercial operation between two international economic groups wile the second concerns the transfer of properties of an Algerian company governed by the Algerian legislation which is currently negotiating with the Algerian authorities as part of their right of first refusal ”
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• The minister’s declarations came in the event of the official announcement of the merger the Russian group Weather Investment and the Italian Wind Telecommunication. The cost of the financial operation is estimated at $ 6.6 billion paid for the Egyptian mogul Nadjib Sawriss who will still own 20 % of the holding’s shares.
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• Vimplecom CEO Alexander Isossimov has expressed the day before yesterday his intent, in his quality as the new CEO of the company, to sell Djezzy to the Algerian authorities or a third party “in case where negotiations come to nothing”.
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• It should be noted that the fate of the Algerian branch of Orascom Telcom , Djezzy, will be determined according to three options; the first one consists in taking over Djezzy by the Algerian authorities from its new owner Vimplecom, the second option consist in exploiting of Djezzy by Vimplecom after clearing off its debts estimated at $ 230 million and the last solution is to sell Djezzy to a third party with a prior agreement of the Algerian authorities.
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