Algerian authorities will probably turn down Orascom Telecom’s request for a reevaluation of Djezzy’s $230 million tax claims, an official at the Ministry of Finance said, reported Bloomberg.
An unidentified source at the ministry said that Algeria will announce the winner of a tender to evaluate Djezzy by mid-December as part of the government’s plan to buy the company. Ten banks have made offers ranging between $2.4 million and $14.3 million to evaluate the company with the process taking between two to six months, according to a Bloomberg report.
In related news, Al-Alam Al-Youm newspaper reported that Orascom Telecom will direct the proceeds of its sale of Tunisiana to pay off installments and due interests worth $730 million. The amount goes back to a 2008 loan worth $2.5 billion maturing in 2013.
Last week, a Qatar Telecom (Qtel) consortium acquired Orascom Telecom’s 50 percent stake in Tunisian telecom operator Tunisiana, a share purchase agreement worth $1.2 billion. The deal is expected to be finalized by January 2, 2011.
