Orascom is not wanted in Algeria, says Reuters

Algeria’s government wants Egyptian group Orascom Telecom to relinquish its stake in the mobile telephone operator, Reuters reported citing government and financial industry sources.

• A senior government official with direct knowledge of the Orascom issue, who did not want to be named, said: “We don’t want Orascom any more,” according to the same source.
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• A financial industry source familiar with the government’s thinking on Orascom who also did not want to be identified, told Reuters: “The government considers Orascom’s way of doing business in Algeria as not in its interests. The consequence of that is that Orascom should exit the Algerian market.”
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• For his part, a spokesman for Orascom Telecom’s Algerian unit, Djezzy, said he had no comment.
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• Previously, the government ordered Orascom to pay $596.6 million of tax reassessment for 2005-2007 following football tension between Algeria and Egypt.