May 30 (Bloomberg) -- Orascom Telecom Holding SAE 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 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 firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com