VimpelCom shareholder Oleg Kiselev has sold his 6% stake – translating to 28.5% of the Russian company’s preferred shares – to a Ukranian company, according to a VimpelCom SEC filing.
Kiselev’s June 2011 purchase of the stake from Mikhail …
VimpelCom shareholder Oleg Kiselev has sold his 6% stake – translating to 28.5% of the Russian company’s preferred shares – to a Ukranian company, according to a VimpelCom SEC filing.
Kiselev’s June 2011 purchase of the stake from Mikhail Fridman-owned Altimo reduced the latter’s share to less than 25%, putting an agreement between VimpelCom shareholders Altimo and Telenor at risk.
Mikhail Fridman holding company Alfa had reportedly wanted the agreement voided to allow new shareholder Naguib Sawiris authority on the VimpelCom board.
Norwegian telco Telenor launched arbitration proceedings against Altimo to preserve the agreement.
Telenor also contended Kiselev – a former Fridman business partner – was acting in Altimo’s interests, something Altimo has denied.
Reuters reported investment advisory group EastOne, owned by Ukrainian businessman Victor Pinchuk, bought Kiselev’s stake in Vimpelcom via Cyprus-registered investment vehicle Bertofan Investments.
According to the VimpelCom SEC filing, Bertofan paid US$111m in cash for 123.6m convertible preferred shares, equal to 5.995% of all outstanding voting shares.
Kiselev bought the stake from Altimo for US$100m.
Alfa and Telenor agreed last November to preserve the shareholder agreement in the lead-up to the arbitrator’s decisions.
Reuters quoted an analyst with Russia’s Otkritie as saying Kiselev’s sale would make it harder for Telenor to prove in court that Altimo’s attempt to end the agreement was illegal.
