OREANDA-NEWS. April 23, 2012. “VimpelCom Ltd” (“VimpelCom”, “Company”  or “Group”) (NYSE: VIP),a leading global provider of telecommunications services, announced today that it has signed an agreement to sell the Company’s entire indirect 49% stake in GTEL Mobile Joint Stock Company (“GTEL Mobile”) in Vietnam and give up operational control of GTEL Mobile.  The stake will be sold to GTEL Transmit and Infrastructure Service One Member Company Limited (the “Purchaser”), a related party of the Company’s Vietnamese local partner, Global Telecommunications Corporation.

Under the terms of the agreement, the Purchaser will pay cash consideration of USD 45 million upon satisfaction of usual conditions precedent. Upon completion of the sale, VimpelCom will have no further obligations or liabilities to Global Telecommunications Corporation or GTEL Mobile. Additionally, GTEL Mobile will discontinue the use of the Beeline trademark after a six months transition period. 

As previously communicated, the Company impaired its investment in Vietnam in 4Q11, following a detailed business plan review. VimpelCom does not expect any additional losses related to the sale of the above-mentioned interest.

Jo Lunder, Chief Executive Officer of VimpelCom, commented: “We have previously outlined our Value Agenda, within which all of our operations are reviewed to assess their future value to the Group. The decision to dispose of our interest in GTEL Mobile is a result of this process, which focuses on allocating capital to those markets where we see the best opportunities to generate shareholder value.”