Altimo to Up Voting Stake in VimpelCom to 36.9%

MOSCOW, Mar 5 (Prime-Tass) -- Russia's Altimo is expected to increase its voting stake in mobile operator VimpelCom to 36.9% from 36.3%, Russian business daily Vedomosti reported Monday, citing Altimo's subsidiary Eco Telecom.

Eco Telecom, which controls Altimo's stake in VimpelCom, agreed to buy from Deutsche Bank 1.44 million of VimpelCom's American depositary receipts (ADR) for about US$115 million before March 14, Vedomosti reported. The deal will increase Altimo's stake in Russia's second biggest mobile company to 29.03% of its charter capital from 28.3%.

Altimo, the telecommunications arm of Russian holding Alfa Group, acquired another 0.5% of the voting shares in VimpelCom in January-February, the daily reported.

Norway's Telenor holds 26.6% of the voting shares in VimpelCom, which corresponds to 29.9% of the company's charter capital.

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Posted to the site on 5th March 2007