Egypt's Orascom Telecom said on Monday that its Algerian unit had filed an appeal against an Algerian tax reassessment for 2005-2007.

The unit paid 20 per cent, or $120 million, of the tax charge on Thursday, an amount that can be recovered if it wins the appeal, it said in an e-mailed statement.

The Algerian tax authority on November 17 said Orascom owed $596.6 million in back taxes and penalties. Orascom's share price in Cairo was trading down as much as 8 per cent on Monday following the announcement.-Reuters