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VimpelCom, Global Telecom to Sell Operations in Zimbabwe to ZARNet for $40M

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VimpelCom Ltd. (NASDAQ: VIP) today announced that its 51.9% owned subsidiary, Global Telecom Holding S.A.E. ("GTH"), has entered into an agreement with ZARNet (Private) Limited to sell its stake in Telecel International Limited for  $40 million. Telecel International owns 60% of Telecel Zimbabwe (Pvt) Ltd. Transfer of ownership to ZARNet will occur after customary conditions are satisfied.

ZARNet is wholly owned by the Government of the Republic of Zimbabwe through the Ministry of Information & Communication Technology, Postal and Courier Services.

Disclaimer

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts, and include statements regarding the ability to complete, the expected timing of completion and the related potential benefits of the transaction described above. Forward-looking statements involve inherent risks, uncertainties and assumptions, including, without limitation, the possibility that the transaction may not materialize as expected or at all.  If such risks or uncertainties materialize or such assumptions prove incorrect, actual results could differ materially from those expressed or implied by such forward-looking statements and assumptions. The forward-looking statements contained in this release are made as of the date

See full press release

 

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