RPT-Orascom Telecom s/holders agree $800 mln rights issue

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CAIRO Dec 27 (Reuters) - Shareholders at Orascom Telecom (OT) (ORTE.CA) (ORTEq.L) agreed on Sunday to an $800 million rights issue to strengthen the firm's balance sheet as it works to resolve a dispute with Algerian tax authorities.

The shareholders approved the increase in a hand vote, a Reuters correspondent present at the meeting said.

Last month Orascom announced that the Algerian tax authority had charged it $596.6 million in back taxes on allegations that it had not kept proper accounts in 2005-2007.

(Writing by Patrick Werr; reporting by Alexander Dziadosz; editing by John Stonestreet)