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.
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