VEON says VimpelCom repatriates $200 mln from Uzbekistan - Telecommunications - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

VEON says VimpelCom repatriates $200 mln from Uzbekistan

Money36MOSCOW, Dec 22 (PRIME) -- Russian mobile operator VimpelCom has successfully repatriated a net amount of approximately U.S. $200 million from its wholly owned Uzbek subsidiary Unitel, which brought a foreign currency exchange loss of some $49 million, VimpelComТs sole owner VEON said on Friday in a statement.

The loss will be recorded as a finance cost in the 2017 income statement of the company.

УThe repatriation of cash from Uzbekistan for the first time is an important milestone for VEON, further enhancing the cash upstreaming capability of the group and allowing Unitel to honor its global payment obligations necessary for ongoing operations,Ф VEONТs Chief Financial Officer Trond Westlie said.

УOur Uzbekistan operation has reported encouraging results in local currency this year and we remain committed to the business and further investments in the country.Ф

End

22.12.2017 11:24
 
 
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