Min: Govt nods sale of VimpelCom to managers on condition

ALMATY, Feb 3 (PRIME) -- The Russian government’s commission on foreign investment has approved the sale of mobile operator VimpelCom, working as Beeline, to its management on condition of acquisition of at least 90% of bonds issued by parent company VEON in favor of Russian investors, Digital Development Minister Maksut Shadayev said on Friday.

“Actually, this is the condition for the deal. If VimpelCom’s management agrees that the Russian investors are ready to sell them 90% of the bonds, the deal will take place. The commission approved it under this condition. The matter is that these terms are to apply to all the bondholders,” Shadayev told reporters.

“I think it is a matter of one or two months. Then the deal is either done or not.”

Amsterdam-based VEON said in early November 2022 that it would sell its Russian business, VimpelCom, and later added that it would be sold to the top managers with General Director Alexander Torbakhov at the head for 130 billion rubles.

(70.0414 rubles – U.S. $1)

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