Algiers halts evaluation of Djezzy, Orascom Telecom shares rise

Shares in Egypt's blue-chip Orascom Telecom (OT) rose on the local stock market on Sunday after it emerged that the Algerian government had halted the evaluation of OT's Algerian affiliate, Djezzy.

Algerian daily Al-Nahar Al-Gadid on Sunday quoted official Algerian sources as saying that President Abdelaziz Bouteflika had personally ordered the evaluation of Djezzy to be halted.

The move comes despite the fact that the Algerian government in August had tasked a financial consultancy with assessing the company's value.

OT's total transactions reached LE88 million on Egypt's stock exchange in the second half of Sunday’s trading session, with shares rising by 3.75 percent on the news.

The exchange's flagship index also rose by 1.5 percent, gaining 100 points to close the day at 6735 points.

According to Arab League (AL) spokesman Ahmed Eissa, AL Secretary-General Amr Moussa has played a pivotal role in settling outstanding political and economic differences between Egypt and Algeria.

The league's Algerian representative, Abdel Kader Haggar, for his part, declined to comment on the issue.

Translated from the Arabic Edition.

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