Beeline to be written off after VimpelCom’s stake transfer

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SaigonTimes English - 25 month(s) ago 9 readings

HCMC – Russia-based VimpelCom has agreed to sell its stake to its partner Gtel Mobile Joint Stock Co. after joining the local mobile market three years ago with Beeline brand, which itself will be cancelled out later.

By Van Oanh - The Saigon Times Daily

HCMC – Russia-based VimpelCom has agreed to sell its stake to its partner Gtel Mobile Joint Stock Co. after joining the local mobile market three years ago with Beeline brand, which itself will be cancelled out later.

The 49% stake of VimpelCom has been bought back by Gtel Mobile Joint Stock Company, making the latter a 100% locally-owned firm, according to a statement from Beeline.

Gtel Mobile Joint Stock Co. spent US$45 million on the buyback following the year-long negotiation. Under the deal, it will stop using Beeline brand in Vietnam in six months after the day of the stake transfer.

The mobile service carrier plans to launch a new brand to replace Beeline in the coming time while retaining current customer services.

Gtel Mobile Joint Stock Co. is working on a close collaboration with related agencies to complete the stake transfer.

“The tie-up with VimpelCom has brought a breakthrough in the local mobile service market with positive response from users. Gtel Mobile will continue delivering mobile services which bring customers the most benefits,” said Nguyen Van Du, deputy general director of Gtel Mobile.

Vimpelcom plans to suspend operations in several other countries and territories to focus on its key markets, said Pavel Borodin, deputy chairman of the Russian mobile service provider.

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