Egypt’s Orascom Telecom up on Algerian unit report

Orascom Telecom climbed more than 7 pct after an Egyptian newspaper reported that a law firm charged with valuing the company's Algerian unit said Djezzy was worth US$7 billion, traders said.

Al-Borsa newspaper, citing an unnamed Orascom Telecom source, said that the law firm hired by the Algerian government Shearman & Sterling LLP had submitted the valuation.

There was no immediate official comment.

Orascom shares were up 7.5 percent at LE3.45 by 0930 GMT.

"We are still waiting on confirmation of the news. But if it is real then this is an extremely positive valuation," said Margo Moussa, an analyst at Arab Finance Brokerage.

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