VimpelCom and Ministry of Finance of Algeria Sign Memorandum of Understanding Regarding Orascom Telecom Algerie

VimpelCom Ltd (NYSE: VIP) and the Ministry of Finance of the Algerian Democratic Peoples Republic, today announced that they have entered into a non-binding Memorandum of Understanding to explore the possible sale to the Algerian State by Orascom Telecom Holding S.A.E. of an interest in its subsidiary Orascom Telecom Algerie.

VimpelCom has agreed that it will consider selling a majority stake in OTA, subject to an acceptable price and satisfaction of other conditions. The two sides have also agreed to consider alternative acquisition scenarios that could be mutually beneficial to both parties.