VimpelCom Sells Cambodian Mobile Network to Local Businessman
Published on: 19th Apr 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
Russia's VimpelCom has sold its entire indirect stake in Sotelco in Cambodia to its local partner Mr. Huot Vanthan.
The company had already been known 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.
Jo Lunder , Chief Executive Officer of VimpelCom, commented: "We have previously outlined our Value Agenda within which our operations are reviewed to assess their future value to the Group. The decision to sell our interest in Cambodia is a result of this process. We are happy that our long term partner in the company now takes control of the business in Cambodia."
The company did not say how much it sold the stake for.
According to our records, VimpelCom bought a 90% stake in a local holding company holding mobile operator licenses back in July 2008 for USD28 million, with the remaining 10% remaining with Mr. Huot Vanthan.
The network commercially launched in May 2009 after awarding a five-year infrastructure contract to Huawei.