Russian operator VimpelCom has increased its stake in its Vietnamese business GTEL-Mobile from 40% to 49%, buying newly issued shares for US$196m.
It will also take over the operational management of the Vietnamese mobile operator.
The financing will be…
Russian operator VimpelCom has increased its stake in its Vietnamese business GTEL-Mobile from 40% to 49%, buying newly issued shares for US$196m.
It will also take over the operational management of the Vietnamese mobile operator.
The financing will be used for GTEL-Mobile development.
This transaction is part of an agreement signed with its local partner, Global Telecommunications Corporation, on a financing plan that could reach US$500m through 2013. VimpelCom has agreed to invest another US$304m to increase its stake to 65%, providing GTEL-Mobile reaches certain performance targets and regulatory approvals are given.
State-owned Global Telecommunications Corporation holds 51% of GTEL.
The mobile operator started operating in Vietnam in July 2009 and last summer it received a fixed licence.
