Orascom Sees More Problems In Algeria

The Algerian authorities have again halted the repatriation of Orascom Telecom's profits from its Algerian subsidiary. Only in September 2009 Orascom received permission from the Algerian central bank to repatriate 50% of its 2008 dividend from its Djezzy network. According to Reuters, observers in Egypt have commented that they expect Orascom's share price to be unaffected by this latest blow, since it has been rising steadily in the past month on the back of expectations that the operator is set to offload the problematic Algerian unit. This latest news can only fan the flames of such rumours.

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