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Home News Orascom denies VimpelCom sale talk

Orascom denies VimpelCom sale talk

Published on 12/08/2010

Egypt's Orascom Telecom denied on Thursday a report that it was negotiating the sale of a 51-percent stake to VimpelCom, a Russian-Norwegian company.

The Moscow newspaper Kommersant reported that VimpelCom Ltd was in talks with Orascom to buy a majority stake.

Orascom responded to the Egyptian stock exchange’s request for a clarification on the report with a statement: “The company is not a party to any discussions with VimpelCom.”

The Egyptian firm earlier on Thursday reported a second quarter loss of 41.4 million dollars, largely because of the dollar’s appreciation against Egypt’s pound.