Altimo Takes $1.5 Bln Loan for Mobile Projects in Eurasia

MOSCOW, Mar 14 (Prime-Tass) -- Altimo, the telecommunications arm of Russian industrial and financial holding Alfa Group, has taken out a US$1.5 billion 2-year loan from Deutsche Bank to develop its mobile projects in Eurasia, the company said in a statement Wednesday.

Altimo plans to invest the money in expanding its mobile business in countries in South and Southeast Asia, such as India, Indonesia and Vietnam, the company said. These countries have large populations and show fast economic and mobile penetration growth rates, Altimo added.

In late 2006, Altimo opened representative offices in Vietnam and Indonesia.

Alfa Bank President Pyotr Aven said in late 2006 that Alfa Group planned to invest up to $2 billion in Indonesia's telecommunications sector as well as other sectors, and to participate in the expected privatization of some Vietnamese mobile operators. Alfa Bank is part of Alfa Group.

Altimo currently has non-controlling stakes in Russia's second largest mobile operator VimpelCom, Russia's third largest mobile operator MegaFon, U.S.-registered telecommunications operator Golden Telecom, Ukraine's largest mobile operator Kyivstar and Turkey's largest mobile operator Turkcell.

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Posted to the site on 14th March 2007