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| MTN seeks $5 billion for Orascom assets buy |
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| Parmand News | |||
| Saturday, 24 April 2010 15:51 | |||
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April 24.2010 - Parmand Telecom - South Africa's MTN is discussing raising financing of around $5 billion to buy assets from Egypt's Orascom TelecomOwnership of Orascom's Algerian Djezzy unit would certainly change hands in the event of a deal, the source said. MTN might buy some other smaller African businesses from Orascom as well, the source added. Several of MTN's close relationship banks declined to comment on plans for the multi-billion dollar fund raising. There has been speculation that all of Orascom might be sold to owner Naguib Sawiris's investment vehicle or a third party. Such a sale would value Orascom at $9 billion. Algeria's central bank this week blocked Djezzy from transferring profits out of the country, a source at the central bank told Reuters. Orascom said in September it had received permission from the authorities to repatriate 50 percent of its 2008 dividends from the Agerian business, which is at the center of a tax dispute between Algiers and Orascom., a banking source said on Thursday. http://www.reuters.com/article/idUSTRE63L4VC20100422
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