Daily News Egypt

Orascom Tel jumps 9.9 pct on Algeria News - Daily News Egypt

Advertising Area




Advertising Area



Orascom Tel jumps 9.9 pct on Algeria News

By Reuters CAIRO: Egypt’s Orascom Telecom jumped 9.9 percent at the opening on Thursday, extending the previous day’s gains when an Algerian finance ministry source said the government would pay $6.5 billion for a majority stake in its Djezzy unit. The increase prompted the stock market to suspend trade on OT shares. Resolution of a …


By Reuters

CAIRO: Egypt’s Orascom Telecom jumped 9.9 percent at the opening on Thursday, extending the previous day’s gains when an Algerian finance ministry source said the government would pay $6.5 billion for a majority stake in its Djezzy unit.

The increase prompted the stock market to suspend trade on OT shares.

Resolution of a long-running dispute over Djezzy would lift a cloud that has hung for years over OT, a heavyweight on Egypt’s bourse, and could bring more funds flowing into the country’s entire equity market.

Analysts said the Algerian finance ministry source’s implied valuation of Djezzy was far above their expectations.

 

Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2012/03/29/orascom-tel-jumps-99-pct-on-algeria-news/
Breaking News

No current breaking news

Subscribe to the Newsletter List Subscribe by clicking on the Subscribe
Subscribe