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Vimpelcom Looking to Sell Smaller Subsidiaries

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Russia based Vimpelcom is reported to be looking at selling off a number of its smaller subsidiaries in Asia and Africa as it refocuses its attention on its main markets.

Citing a source familiar with the matter, the Financial Times said that the company is looking to sell assets in Burundi, the Central African Republic and Zimbabwe.

The assets are small, and estimated to be worth around USD60 million.

In Asia, the company has investments in Cambodia and Laos.

After the disposals, the company would be focused on its core Russia and CIS countries, with large networks in Italy and Algeria from its Orascom merger. Subsidiaries in Pakisatan and Bangladesh are also likely to remain intact.

A Vimpelcom spokesman said "We will look at all options during this process but have no further comment concerning the progress we have made,"

Standard Chartered is said to be advising VimpelCom on the review.

On the web: Financial Times

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Tags: vimpelcom  Central African Republic  Burundi    Cambodia