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 News headlines
October 29, 2012 10:36
CORRECTED: Vimpelcom to sell business in Burundi, Central African Republic, Zimbabwe, Laos, Cambodia - Financial Times
(Corrected to Central African Republic in headline, para 2)
LONDON. Oct 29 (Interfax) -Vimpelcom will be selling off come of its businesses in Africa and Asia in the context of strategy for rationalizing operations with the aim of increasing focus on its main growing markets, the Financial Times writes.
The Russian company has launched talks with potential buyers of its businesses in Burundi, the Central African Republic, and is expected to sell off Telecel Zimbabwe after disputed issues are settled. These three companies, which generate about $94 million in sales revenues from 2.8 million subscribers, could be valued at more than $60 million, an FT source said.
In Asia, Vimpelcom is readying to sell its businesses in Cambodia, where the company has more than 1 million subscribers and in Laos (400,000 subscribers). This division generated $69 million in sales revenues last year.
Around 70% of VimpelCom business is concentrated in Russia and Italy.
Vimpelcom Ltd. is the eighth largest telecoms company in the world by customer numbers. Vimpelcom owns 100% of Italy's Wind Telecomunicazioni and 51.7% of Orascom Telecom, which owns shares in mobile phone operators in Algeria (Djezzy), Pakistan (Mobilink), Bangladesh (Banglalink), Canada (Globalive Wireless)and Zimbabwe (Telecel Zimbabwe). Through its subsidiary Telecel Globe the group also works in Burundi, Central African Republic and Nambia.
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(Our editorial staff can be reached at eng.editors@interfax.ru)
/Interfax/
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