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Orascom Telecmo not revising Vimpelcom sale plan

Sawiris added that Orascom has no plans to issue bonds in the short term.


November 9, 2010 2:25 by

Egypt’s Orascom Telecom is not revising its $6.6 billion plan to sell assets to Russia’s Vimpelcom to exclude its Algerian unit, the company’s chairman said on Tuesday.

Egyptian billionaire Naguib Sawiris told reporters on the sidelines of a conference if his company were not invited to negotiate with Algeria it would proceed with arbitration.

Sawiris added that Orascom has no plans to issue bonds in the short term.

(Reporting by Nicolas Parasie and Tamara Walid; writing by Mahmoud Habboush)


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