Orascom Telecom Jumps as Djezzy Pricing Announcement Nears

Orascom Telecom Holding SAE (ORTE) rose the most in more than a week after the Algerian government said it has almost completed a valuation of the company’s local unit Djezzy, which it is seeking to buy.

The shares of North Africa’s biggest mobile-network operator climbed 1.8 percent, the most since May 22, to 4.45 Egyptian pounds at the 2:30 p.m. close in Cairo. The country’s benchmark EGX 30 Index (EGX30) rose 0.8 percent.

Algeria and Orascom Telecom have been locked in an ownership dispute over Djezzy for more than a year. The government has ordered Djezzy to pay more than $800 million in backdated taxes, a charge the company is challenging in Algerian courts.

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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