The fund affirmed its continuity in the development of the telecommunications sector in Algeria (AFP)
An Algerian sovereign authority announced the purchase of all the shares of the telecom company “requite” Which was owned by an Egyptian businessman Naguib Sawiris and other partners before you take over Algerian state fully.
The National Investment Fund announced, in a statement, the purchase of all the shares of the Fionalty complex that it owns in the mobile phone dealer Jazzy, noting that this step “was carried out in accordance with an agreement signed between the two parties and following several months of intense negotiations that took place in an atmosphere characterized by a spirit of responsibility and concern for the stability of the country.” and company performance.
This agreement allows the fund to acquire the remainder of Fionalty’s shares in Djezzy, following the fund had acquired the bulk of Sawiris’ shares, and part of the shares remained with Fionalty Complex.
The fund and Fionnity “worked for more than seven years in managing the telecommunications company Djezzy side by side, where they worked together on the technological development of the customer and the launch of the digitization process that helped popularize the use of the Internet via the mobile phone,” according to the statement.
The fund in Algeria stressed that it “will work hard to maintain the foundation’s solidity and commitment to continue its development plan in order to maintain the growth path and ensure its sustainability and profitability in the market.”
The telecom company “Jazi” is the third telecommunications company operating in Algeria, and the second in terms of the number of subscribers with 14 million subscribers, originally an investment belonging to the Egyptian businessman Naguib Sawiris, before he had to sell part of its assets to a Russian partner and the Algerian government acquired the bulk of the shares following 2012.
