Orasom Telcom CEO ready to sell “Djezzy”

The CEO of Orascom Telecom, Nadjib Sawariss has indicated that he was ready to sell the shares of the Algerian branch of the Group “ Djezzy” at earliest in a bid to avoid further loses likely to affect the Groups shares on the international stock markets.

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• “ Any delay in the completion of the selling of Djezzy under the current circumstances will affect Orascom Telecom Holding and his investors”, he has indicated. He has called on the Algerian authorities to start the negotiations to reach   a final agreement I a move to spare further loses for the shareholders, he said.
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• In a letter sent to the Algerian Prime Minister Ahmed Ouyahia the Egyptian investor has expressed his readiness to start the negotiations with the Algerian authorities to give the shares of “Djezzy”.
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• This is the second time that the businessman gets in touch with the Algerian authorities over 6 months following the crisis that rocked the Algerian branch of the Egyptian giant group which affected Orascom Telecom activities in Egypt.
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• The letter reads” Djezzy and Orascom Telecom as well as their shareholders are looking forward for a quick start of negotiations from the Algerian authorities for either taking over the shares or granting us the permission to carry on our activities in Algeria.
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• The Algerian branch of Orascom Telecom is facing a financial crisis in the wake of the order issued by the Algerian bank to transfer money abroad following its incapacity to pay the sum of $ 596.6 millions representing three years of pending taxes.
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• It should be noted that the Algerian authorities have hesitated to take over Djezzy’s shares on account of the staggering coast fixed by the Orascom Telecom managers estimated at around $ 7 billions.