Orascom ups Djezzy stake
Egypt's Orascom Telecom has acquired a further 1.2 per cent in its local subsidiary Orascom Telecom Algerie (Djezzy) for $61 million. The purchase, part of Orascom's strategy to buy out minority shareholdings in its subsidiaries, brings its holding in the company to 98.6 per cent. Orascom in October bought a 7.9 per cent stake in Djezzy, the largest mobile phone network in Algeria, for $399 million (MEED 3:11:06).
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