Wednesday 6 October 2010

FT.com - Algeria moves to knock Vimpelcom’s plans

Vimpelcom’s plans to combine with most of the telecoms assets of Naguib Sawiris, the Egyptian entrepreneur, have suffered a setback after the Algiers government reiterated its determination to buy his Algerian mobile business.

Vimpelcom, the Russian mobile operator, plans to transform itself into a global telecoms player partly by securing a controlling stake in Orascom Telecom, the company founded by Mr Sawiris.

Orascom’s most valuable asset is Djezzy, its Algerian mobile business, which generates about 50 per cent of the Cairo-listed company’s earnings.

No comments:

Post a Comment