• Register

Egypt’s Global Telecom reports wider loss on Djezzy settlement

: Monday, May 26 - 2014 @ 11:49

Egypt’s Global Telecom has restated its results for last year, increasing its net loss to EGP20bn ($2.81bn) from a previously reported $924m after booking in the costs of settling a long running dispute with Algeria over ownership of local telecoms operator, Djezzy, Reuters has reported. Last month, Global Telecom, previously called Orascom Telecom and 51.9% owned by Russian-controlled telecoms group Vimpelcom, sold a 51% stake in Orascom Telecom Algeria (Djezzy) to the Algerian National Investment Fund for $2.6bn in a deal which Vimpelcom said would leave it with 49% of Djezzy but result in a $2bn writedown. The dispute with the Algerian government over Djezzy’s ownership dated back to before Vimpelcom bought into Orascom Telecom in 2010, as part of a wider $6bn deal to acquire Egyptian tycoon Naguib Sawiris’s various telecoms interests.

Today's Top Stories

Posted by

Monday, May 26- 2014 @ 11:49 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

AME Info Services

Business DirectoryVIEW ALL

Search by name

Search by industry

Browse alphabetically


Search for jobs

Latest Jobs