Company Data
| Last traded |
R133.15 |
| Change |
R0.85 |
| % Change |
0.64% |
| Cumulative volume |
3.39m |
| Market cap |
R250.98bn |
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Algiers - Algeria's foreign minister ended speculation on Wednesday that MTN [JSE:MTN] might try to buy Djezzy, the local subsidiary of Egyptian Telecom giant Orascom.
Mourad Medelci said during a visit to this North African nation by President Jacob Zuma that "concerning Orascom, the page is turned with South Africa."
Algeria made known May 3 that it was prepared to buy Djezzy, using its pre-emption rights when it learned Orascom's parent company was in talks with MTN over possible sale of all or some of Orascom Telecom's assets. The Algerian subsidiary is a key part of the company's operations.
Medelci said he held cordial talks with South African counterpart Maite Nkoana-Mashabane, and "I want to reassure you that my colleague and I discussed this matter in a very positive and serene climate."
Earlier on Tuesday, SA's deputy trade minister called on Algeria to ease the way for MTN to buy Djezzy.
"We wish that Algeria helps MTN to buy Orascom so it can be present here," Deputy Trade Minister Ntuli Maria said in reply to remarks made by Algeria's Industry Minister Hamid Temmar, added the source who does not wish to be named.
If MTN was allowed to buy Djezzy, it would become the world's third-biggest cellphone service provider.
The Orascom affair has added a dose of tension to relations between Algeria and Egypt that increased when MTN entered the picture, even though nothing was firm.
Algeria's minister for communications technology, Hamid Bessalah, complained in early May about the "audacity" of starting talks with MTN Group, saying Orascom was required under Algerian law to notify the country's regulators.
Medelci said that turning the page on the MTN-Djezzy scenario "does not signify that South African companies, and in particular MTN, won't have the possibility of working in Algeria."
A bevy of South African business leaders accompanied Zuma to Algeria.
The two countries signed six accords during the visit, including one concerning peaceful use of nuclear energy - of which no details were disclosed. Algeria has two experimental reactors, made in cooperation with Argentina and China.
- Sapa-AP