Egypt's Orascom Telecom (OT) suffered its largest decline for two weeks on Wednesday after Algeria hit the operator's local unit Djezzy with a $230 million final tax demand for 2008 and 2009. Most Middle East markets fell in muted trade, with little news to draw fresh money in.
Orascom Telecom fell 1.6 percent. It said it had already paid Algeria taxes for 2008 and 2009 and would take legal steps to challenge the "completely unfounded" reassessment. The latest demand is on top of previous Algerian back-tax claims of $600 million relating to Djezzy. Dubai's Emaar Properties fell 2 percent to a 14-week low after saying it may raise its stake in troubled Islamic mortgage provider Amlak.
Emaar, which owns a 48 percent stake in Amlak, may also take provisions from Amlak in the first quarter of 2011. The latter's shares have been suspended since November 2008, pending a mooted merger with rival mortgage provider Tamweel, a deal that appears increasingly unlikely. Dubai's index fell 0.8 percent, its sixth straight loss, falling to its lowest close since September 15.
Kuwait's Zain rose 4.1 percent to a 15-month high after a court delayed hearing a lawsuit from a shareholder unhappy with Etisalat's $12 billion bid for a 46-percent stake in the Kuwaiti firm The shareholder - Al Fawares Holding - which owns a 4.5 percent stake in Zain, took legal action to halt the due diligence in the planned sale.
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