Orascom Telecom’s shares go gown as Algeria Prime Minister makes remarks

Shares of Orascom Telecom in the Egyptian stockmarket went down in 19 months following Algerian Prime Minister Ahmed Ouyahia’s remarks. “Algeria will buy 100 percent of the Algerian unit of Orascom Telecom-Djezzy if it pays all its debts and taxes,” he had said.

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  Orascom Telecom’s share went down by 3.6 percent. Djezzy unit’s value is estimated at more than $420 million. Of them, $230 million are delayed taxes and $190 million are fines to the Central Bank.

   

  An investment director Mohamed Abdelal believes that the prime minister’s announcement about the regression of Orascom’s shares will have an impact on the market.