Global Telecom and VimpelCom complete sale of Zimbabwe operations
OREANDA-NEWS. VimpelCom Ltd. (“VimpelCom”) (NASDAQ: VIP), a leading global provider of telecommunications and digital services headquartered in Amsterdam and serving over 200 million customers, today announces that its 51.9% owned subsidiary, Global Telecom Holding S.A.E. (“GTH”), has completed the previously announced sale of Telecel International Ltd to ZARNet (Private) Limited in Zimbabwe for a consideration of USD 40 million.
Telecel International, a 100% owned subsidiary of GTH, owns 60% of Telecel Zimbabwe (Pvt) Ltd. ZARNet is wholly owned by the Government of the Republic of Zimbabwe through the Ministry of Information Communication Technology, Postal and Courier Services.
This release contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, the potential benefits of the transaction described above and the company’s ability to realize its strategic and transformation initiatives. The forward-looking statements included in this release are based on management’s best assessment of the company’s strategic and financial position and of future market conditions, trends and other potential developments. Forward-looking statements involve risks and uncertainties. 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. Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in the VimpelCom’s Annual Report on Form 20-F for the year ended 31 December 2015 filed with the SEC and other public filings made by VimpelCom with the SEC. The forward-looking statements speak only as of the date hereof, and each of VimpelCom and GTH disclaims any obligation to update them or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.
VimpelCom (NASDAQ: VIP) is an international communications and technology company, headquartered in Amsterdam, and driven by a vision to unlock new opportunities for customers as they navigate the digital world. Present in some of the world’s most dynamic markets, VimpelCom provides more than 200 million customers with voice, fixed broadband, data and digital services. VimpelCom’s heritage as a pioneer in technology is the driving force behind a major transformation focused on bringing the digital world to each and every customer. VimpelCom offers services to customers in 13 markets including Russia, Italy, Algeria, Pakistan, Uzbekistan, Kazakhstan, Ukraine, Bangladesh, Kyrgyzstan, Tajikistan, Armenia, Georgia and Laos. VimpelCom, whose licenses cover 10% of the world's population, operates under the “Beeline”, “WIND”, “Djezzy”, “Mobilink”, “Warid”, “Kyivstar” and “banglalink” brands. F