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VimpelCom signs deal to sell 51% of Orascom Algeria

2014-04-18 12:01:00| Telecompaper Headlines

(Telecompaper) VimpelCom and Global Telecom Holding (GTH) have signed an agreement to sell 51 percent of their subsidiary Orascom Telecom Algeria (OTA) to Algerian National Investment Fund FNI for USD 2.64 billion. OTA, which uses the Djezzy brand, will distribute a USD 1.86 billion dividend to GTH immediately prior to the closing of the transaction, which is expected to occur by the end of the year. The total dividends and proceeds due to GTH at closing are expected to amount to USD 4 billion, net of all taxes and after the settlement of all outstanding disputes and the payment of associated fines. The proceeds will be used to pay down shareholders loans provided by VimpelCom to GTH. The latter will continue to exercise operational control over OTA and both VimpelCom and GTH will continue to fully consolidate OTA. VimpelCom CEO Joe Lunder said the value accretive transaction resolves the company's dispute with Algeria and allows it to solidify its position in this market by allowing it to invest further in a 3G network.

Tags: sell deal signs algeria

UPDATE 1-Russia's Vimpelcom says may refinance Italian arm Wind

2014-03-19 18:36:43| Telecom - Topix.net

Russia's Vimpelcom is considering a refinancing plan to improve the capital structure of its Italian subsidiary Wind, the mobile phone operator said on Wednesday.

Tags: update italian wind arm

VimpelCom Slides as Carrier Faces Probe Over Uzbek Business

2014-03-13 01:22:25| Appliances - Topix.net

VimpelCom Ltd. is facing criminal investigation over its Uzbek business a year after the carrier warned investors about its relationship with Takilant Ltd., a company that is the focus of a corruption probe at Swedish rival TeliaSonera AB.

Tags: business carrier faces probe

Vimpelcom faces investigation over Uzbekistan activities

2014-03-12 09:25:00| Telecompaper Headlines

(Telecompaper) Vimpelcom announced it faces investigations in the US and the Netherlands into its activities in Uzbekistan. The company said it received a letter from US Securities and Exchange Commission stating that it's conducting an investigation related to Vimpelcom and requesting documents. Also, the company's headquarters in Amsterdam were visited by representatives of the Dutch authorities, including the Dutch public prosecutor office, who obtained documents and informed the company that it was the focus of a criminal investigation in the Netherlands. The investigations "appear to be concerned with the company's operations in Uzbekistan", Vimpelcom said without providing further details. The company said it intends to fully cooperate with the investigations. Vimpelcom has 10.5 million mobile customers in Uzbekistan. It is not the first foreign operator to face problems in the country. In 2012, MTS had its assets seized by the government in a tax dispute and ended up leaving the market. TeliaSonera's top management fell over allegations of mismanagement at its operations in Uzbekistan, and the Swedish public prosecutor continues to investigate how the company was established in Uzbekistan.

Tags: activities investigation faces uzbekistan