Report: Russia’s VimpelCom owner denies Telenor’s stake swap info

MOSCOW, Jan 18 (PRIME) -- Amsterdam-based VimpelCom Ltd., the sole owner of Russian mobile operator VimpelCom, has denied reports on a possible exchange of its shares in Global Telecom Holding (GTH) for its own stock held by Norway’s Telenor, business daily Vedomosti reported Wednesday on its Web site, citing a spokesperson for VimpelCom Ltd.

Vedomosti reported earlier on Wednesday, citing sources, that VimpelCom Ltd. wanted to swap its 57.8% in Cairo-headquartered operator GTH for 12% of its own stock held by Telenor. GTH controls mobile operators in Algeria, Pakistan and Bangladesh, serving over 96 million subscribers as of the end of September 2016.

The spokesperson said that the information on the possible exchange is a groundless speculation, whose sources are opaque.

A source close to VimpelCom Ltd. and Telenor management told Vedomosti earlier that the exchange looked reasonable and complied with the Norwegian company’s strategy, stipulating a retreat from developed markets in favor of emerging ones. Telenor has assets in Pakistan and Bangladesh.

One of the sources told the daily earlier that such a deal would put an end to Telenor’s withdrawal from VimpelCom Ltd., in which it currently owns 23.7% of common and voting rights.

The Norwegian company would receive interesting assets in the emerging markets, while LetterOne of Russian tycoons Mikhail Fridman, German Khan and Alexei Kuzmichyov would remain the only shareholder of VimpelCom Ltd., the source said then.

VimpelCom Ltd. earlier declined to comment on the matter.

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