April 30, 2014 / 3:05 PM / in 3 years

Telenor to take $333 mln charge on Vimpelcom's Algeria deal

OSLO, April 30 (Reuters) - Norway’s Telenor will book a 2 billion crown ($333.26 million) one-off charge related to Vimpelcom’s sale of a majority stake in Orascom Telecom Algeria, also known as Djezzy, to the Algerian government, it said on Wednesday.

Telenor holds a 33.05 percent economic interest in Vimpelcom and will book the charge in its first-quarter earnings after Vimpelcom ended a long-running dispute with the Algerian government by selling 51 percent of Djezzy for $2.6 billion.

Vimpelcom said it would write off $2 billion as part of the deal and $1 billion of this is attributable to its shareholders. The total charge includes a $1.3 billion fine to the Algerian government and a $700 million writedown on tax receivables.

$1 = 6.0013 Norwegian Krones Reporting by Balazs Koranyi; Editing by Pravin Char

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