Telenor will sell its stake in Vimpelcom during the year

Norwegian mobile operator Telenor plans to sell 33% stake in VimpelCom for 12 months. This is stated in the financial statements of the company for the first quarter of 2016. Telenor will continue to VimpelCom classified as an associated company until its sale, the document States.

For the first time, the Norwegian company announced its intention to sell its stake in the operator on 5 October 2015. By the end of 2015, Telenor recorded a loss of $ 5.5 billion Norwegian kroner (about $675 million) from depreciation of VimpelCom. In January-March 2016 Telenor recognized an expense of 4.4 billion Norwegian kroner (about us $540 million), as shares of VimpelCom rose to $4.26 per share by the end of March versus $3.28 in 2015.

In early April it became known that a Norwegian company has found potential buyers for a stake in VimpelCom. Telenor “in contact” with potential buyers, the company wants to sell the asset “short” and “fair price”, said the CEO of the company Sigve Brekke Bloomberg. He declined to name the Challenger.

In the first quarter of 2016 compared to the same period in 2015, revenue has grown by 5% to 33,013 billion Norwegian kroner (about $4 billion). Profit increased by 10.2% to 4,256 billion Norwegian kroner ($520 million).

One of the reasons why Telenor wants to get rid of the stake in VimpelCom, — a corruption scandal in Uzbekistan. In August 2015, the US authorities have approached five European countries with the request for seizure of assets of $1 billion According to the American investigation, these assets are related to the case on alleged kickbacks MTS, VimpelCom and Swedish-Finnish company TeliaSonera Uzbek authorities (for the right to lead this country. As the main owner Telenor is the Norwegian government, this requires increased transparency, told RBC managing partner of UFG Private Equity Arthur Akopyan.

Global operator

VimpelCom owns stakes in Telecom operators in Russia, Ukraine and other countries of the former USSR, as well as in Italy and Africa. Operators, shares in VimpelCom which has more than 217 million mobile subscribers. The last few years the company has steadily rid itself of assets in non-key markets. So, she sold shares in companies in Namibia (Powercom), Vietnam (GTEL Mobile), Cambodia (Sotelco), Burundi and Central African Republic (Telecel Globe), Algeria (Orascom Telecom Algerie). In November 2015, VimpelCom has announced that it is preparing to sell its assets in Zimbabwe for $40 million and the deal should be the final step in the cessation of the activities of the operator on the markets of Central and southern Africa.