Russian carrier VimpelCom (VIP +2.6%) trades higher after announcing a memorandum of...

|About: VimpelCom (VIP)|By:, SA News Editor

Russian carrier VimpelCom (VIP +2.6%) trades higher after announcing a memorandum of understanding with the Algerian government regarding the sale by its Orascom subsidiary of a majority stake in local carrier Djezzy. Orascom, which is 51.7%-owned by VimpelCom of, has been under pressure to sell Djezzy after the Algerian government said it wants the carrier nationalized. A price still has to be determined.