logo
Share SHARE
FONT-SIZE Plus   Neg

VimpelCom To Sell Indirect 49% Stake In Vietnamese JV - Quick Facts

VimpelCom Ltd. (VIP) said it agreed to sell its entire indirect 49% stake in GTEL Mobile Joint Stock Co. in Vietnam and give up operational control of GTEL Mobile. The stake will be sold to GTEL Transmit and Infrastructure Service One Member Co. Ltd., a related party of VimpelCom's Vietnamese local partner, Global Telecommunications Corp.

As per the terms of the agreement, GTEL Transmit and Infrastructure 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.

As previously communicated, VimpelCom impaired its investment in Vietnam in the fourth quarter 2011, following a detailed business plan review. VimpelCom does not expect any additional losses related to the sale of the above-mentioned interest.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
U.S. food maker Kraft Heinz Co., which had offered $143 billion in cash and stock to buy Anglo-Dutch consumer goods company Unilever, Sunday said it has amicably agreed to withdraw its proposal for a combination of the two companies. Dairy giant Saputo Inc. is voluntarily recalling certain Gouda cheese products in the U.S. due to potential listeria contamination. Saputo said one of its suppliers, Deutsch Kase Haus, LLC of Middlebury, Indiana, notified the company that some specialty Gouda cheese products that it supplied to Saputo's Green Bay, Wisconsin facility may have been contaminated with Listeria monocytogenes. Amazon is exploring the possibility of using parachutes to drop drone-delivered packages. The e-commerce giant has been granted a patent titled, "Maneuvering a package following in-flight release from an unmanned aerial vehicle".
comments powered by Disqus
Follow RTT