Telenor: No talks to swap 12% in Russia’s VimpelCom owner for GTH

DAVOS, Switzerland, Jan 20 (PRIME) -- Norwegian holding Telenor still wants to retreat from the capital of VimpelCom Ltd., the sole owner of Russia’s VimpelCom, but is not in talks to exchange its 12.1% stake for 57.8% in Cairo-headquartered operator Global Telecom Holding (GTH), Telenor’s President and CEO Sigve Brekke said on Friday.

Telenor said a year ago it wants to withdraw from VimpelCom Ltd., and sold part of its stake in late 2016. The Norwegian holding will stick to its intention, Brekke said mentioning no timeframe.

The Norwegian giant sold some 8% in VimpelCom Ltd. in September 2016 and placed bonds maturing in 2019 with 11.6% of shares used as a reserve. Out of Telenor’s currently owned 23.7% stake in VimpelCom Ltd., 12.1% of shares are free from the obligations.

Mass media reported on Wednesday quoting several sources that VimpelCom Ltd. wants to swap its stake in GTH for 12% of its own stock held by Telenor, which, as it was said, intends to focus on emerging markets.

LetterOne of Russian tycoons Mikhail Fridman, German Khan and Alexei Kuzmichyov owns 47.9% in VimpelCom Ltd.

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