Vimpelcom will sell a stake in Zimbabwean operator for $40 million

Moscow. November 18. VimpelCom sells 60% of mobile operator Telcel in Zimbabwe.

Global Telecom Holding (GTH), a 51.9% owned by Vimpelcom, has signed an agreement with ZARNet on the sale of Telecel International, which owns 60% of Telecel Zimbabwe, the report said GTH.

ZARNet is fully owned by the government of Zimbabwe.

Telecel, the third largest operator in Zimbabwe, his subscriber base by the end of 2014 was 2.2 million.

In April of this year, the Zimbabwean Telecel regulator is notified about the revocation of her license for cellular communication. This decision was taken after, according to the authorities, not Telecel has introduced a license fee. Another claim to Telecel – the failure of the law of 2010, according to which foreign investors are expected to sell controlling stakes to local black residents or public funds to stimulate business development within the country (black ownership law).

The company appealed this decision in court, and in may he suspended the revocation of the license pending consideration of the appeal. Local media, in particular, the publication New Zimbabwe, assumed that the purpose of government is to force Vimpelcom to sell its stake in Telecel.

Vimpelcom from the fourth quarter of last year stopped to consider indicators Zimbabwean asset in its financial statements.

Selling Telecel Zimbabwe holding completed its withdrawal from the markets of Central and southern Africa. In 2011, Vimpelcom sold for the debts of the operator Powercom in Namibia, and in the autumn of last year the company Telecel Globe, which owns Telecom assets in Burundi and Central African Republic.

Vimpelcom owns Telecom assets in Russia (VimpelCom), Ukraine, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Armenia, Georgia, Algeria, Bangladesh, Pakistan and Laos.

In August, Vimpelcom has agreed with Hutchison Whampoa about merging assets in Italy. Vimpelcom will bring in parity SP its Italian subsidiary Wind telecommunications. None of the parties will not control in the JV. Since the third quarter of this year, Vimpelcom does not consolidate the results of Wind in their reporting.

After separation of the Italian business’s main asset became Vimpelcom VimpelCom, which in January-September accounted for 48% of revenue and 46% of the EBITDA of holding.