VimpelCom, a leading global provider of
telecommunications services, announced today that it has signed an agreement to
sell the company's entire indirect 49 per cent stake in GTEL Mobile Joint Stock
Company in Vietnam and give up operational control of GTEL Mobile.
The
stake will be sold to GTEL Transmit and Infrastructure Service One Member
Company Limited, a related party of the company's Vietnamese local partner,
Global Telecommunications Corporation, according to the company’s announcement.
Under
the terms of the agreement, the purchaser will pay cash consideration of $45
million upon satisfaction of usual conditions precedent. Upon completion of the
sale, VimpelCom will have no further obligations or liabilities to Global
Telecommunications Corporation or GTEL Mobile. Additionally, GTEL Mobile will
discontinue the use of the Beeline trademark after a six months transition
period.
VimpelCom
impaired its investment in Vietnam in the fourth quarter of 2011, following a
detailed business plan review, the company said in the announcement.
“VimpelCom
does not expect any additional losses related to the sale of the
above-mentioned interest,” it stated.
“We
have previously outlined our Value Agenda, within which all of our operations
are reviewed to assess their future value to the Group. The decision to dispose
of our interest in GTEL Mobile is a result of this process, which focuses on
allocating capital to those markets where we see the best opportunities to generate
shareholder value,” Jo Lunder, chief executive officer of VimpelCom, said.
VimpelCom
is one of the world's largest integrated telecommunications services operators
providing voice and data services through a range of traditional and broadband
mobile and fixed technologies in Russia, Italy, Ukraine, Kazakhstan,
Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Vietnam, Cambodia, Laos,
Algeria, Bangladesh, Pakistan, Burundi, Zimbabwe, Central African Republic and
Canada.
The
company's operations around the globe cover territory with a total population
of approximately 864 million people. VimpelCom provides services under the
"Beeline", "Kyivstar", "djuice",
"Wind", "Infostrada" "Mobilink", "Leo",
"banglalink", "Telecel", and "Djezzy" brands.
Ngoc
Linh | vir.com.vn
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