[PHNOM PENH POST]
THE parent company of mobile operator Beeline announced yesterday it
would provide as much as US$500 million in financing for its Vietnamese
joint venture, GTEL-Mobile Stock Co, through 2013.
Vimpelcom has
already paid $196 million of the $500 million for newly issued shares
from GTEL-Mobile, which is a partnership between Vimpelcom and Vietnam’s
GTEL. At the close of financing, Vimpelcom will own 65 percent of
GTEL-Mobile though the additional $304 million and the equity increase
depend on conditions, according to a company statement.
“We look
forward to relaunching our operations in Vietnam and to strengthening
our position in the high-potential Southeast Asia cluster,” said Alexey
Blyumin, General Director of GTEL-Mobile.
Vimpelcom is majority
owner of Cambodia’s Beeline, and completed its acquisition of 78 percent
of Millicom Lao Company last month.
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