Orascom Telecom Holding Submits Formal Notice of Arbitration Against the People's Democratic Republic of Algeria
Cairo, April 12, 2012: Orascom Telecom Holding S.A.E. ("OTH" or the "Company") announces that it is submitting a formal Notice of Arbitration against the People's Democratic Republic of Algeria ("Algeria") in respect of the unlawful actions taken since 2008 by the Algerian government against Orascom Telecom Algerie ("OTA").
In the Notice of Arbitration, OTH asserts that since 2008 its rights under the Agreement on the Promotion and Reciprocal Protection of Investments between Egypt and Algeria have been violated by actions taken by the Algerian government against OTA, including the recent court judgment against OTA and a member of its senior executive team imposing a total fine of 99 billion Algerian Dinar (approximately USD 1.3 billion) and a criminal sentence against a member of OTA's senior executive team.
This international investment treaty claim is brought under the arbitration rules of the United Nations Commission on International Trade Law. OTH is fully confident in the strength of its claim.
Without prejudice to its legal rights and actions, OTH continues to be open to finding an amicable resolution with the Algerian government that is mutually beneficial to both parties and would fully support any initiative by its majority shareholder, VimpelCom Ltd., to seek an amicable resolution with the Government.
About Orascom Telecom:
Orascom Telecom is a leading international telecommunications company operating GSM networks in high growth markets in the Middle East, Africa and Asia, having a total population under license of approximately 415 million with an average mobile telephony penetration of approximately 48% as of December 31st, 2011. Orascom Telecom operates GSM networks in Algeria ("OTA"), Pakistan ("Mobilink") and Bangladesh ("banglalink") and has an indirect equity shareholding in Globalive Wireless Canada ("Wind Mobile"). In addition it has an indirect equity ownership in Telecel Zimbabwe (Zimbabwe) and through its subsidiary Telecel Globe, OTH also operates in Burundi and the Central African Republic. Orascom Telecom reached over 78 million subscribers as of December 31st, 2011.
Orascom Telecom is traded on the Egyptian Exchange under the symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange its GDSs are traded under the symbol (ORTEq.L, OTLD LI). For more information visit www.orascomtelecom.com.
For Further Information:
Orascom Telecom Holding S.A.E.
Nile City Towers - South Tower
26th Floor - Corniche El Nile,
Telephone : +202 2 461 5050 / 51
Fax : +202 2 461 5055
This information is provided by RNS