Russia’s VimpelCom has exited Cambodia by selling its entire stake in local mobile operator Beeline.
The interest, estimated to be around 90%, has been acquired by local partner and businessman Huot Vanthan. No financial details were disclosed.
It is…
Russia’s VimpelCom has exited Cambodia by selling its entire stake in local mobile operator Beeline.
The interest, estimated to be around 90%, has been acquired by local partner and businessman Huot Vanthan. No financial details were disclosed.
It is understood that Standard Chartered acted as financial adviser, while Allen & Overy was legal adviser.
Commenting on VimpelCom’s decision to leave Cambodia, CEO Jo Lunder said: “We have previously outlined our value agenda within which our operations are reviewed to assess their future value to the group. The decision to sell our interest in Cambodia is a result of this process.”
In 2008, the Russian company announced the acquisition a 90% stake in Cambodian company Sotelco, later renamed Beeline, for US$28m. The remaining 10% stayed with local entrepreneur Huot Vanthan.
Besides Cambodia, VimpelCom is looking to exit Canada by selling mobile operator Wind Mobile. It is also close to reaching an agreement on the sale of its majority stake in Algeria’s Djezzy to the North African state.
Last year, Swedish TeliaSonera also sold its Cambodian asset, Smart Mobile, as part of its strategy to strengthen investments in core holdings and divest non-core minority interests.
