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Orascom Telecom Retreats as Algeria Court Upholds Fine

May 28 (Bloomberg) -- Orascom Telecom Holding SAE, North Africa’s biggest mobile phone company, fell to the lowest level in almost a week after an Algerian court rejected an appeal by the company’s local unit and upheld a $1.3 billion fine.

Shares of Cairo-based Orascom dropped 3.1 percent to 3.10 Egyptian pounds, the lowest intraday level since May 22, at 11:29 a.m. in the capital. Egypt’s benchmark EGX30 Index retreated 0.3 percent.

An Algerian appeals court confirmed a March 28 judgment by the Algerian Court of First Instance against Djezzy for violating foreign exchange regulations. The Algiers court suspended a two-year sentence against Chief Executive Officer Tamer El Mahdi and asked the company to pay a fine of 6 billion dinars ($79 million) on his behalf.

Orascom said the Algerian unit is taking steps to file an appeal with the country’s Supreme Court.

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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