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
Casino operator Las Vegas Sands Corp. (LVS), Wednesday reported an increase in profit for the first quarter, gambling business in Macao, China, the world's biggest gambling market, revives. Earnings for the quarter trumped Wall Street expectations, as did revenues. First-quarter profit rose to $480... Photo and video sharing app Instagram has touched a new milestone with an impressive 700 million users. The Museum of Failures is set to open in Helsingborg, Sweden in June. The museum will feature a collection of innovation failures that will provide visitors a fascinating learning experience. The museum's collection consists of over sixty epic failed products and services from around the world.
comments powered by Disqus
Follow RTT