Telenor Group Wednesday announced that the company has completed sale of 90 million shares it owns in Veon, the mobile company formerly known as Vimpelcom.
The sale results in net proceeds to Telenor of USD 365 million, which will be included in Telenor’s cash flow statement for the third quarter 2017.
In September, Telenor sold about 164 million Veon shares while it sold around 70 million shares in April. With the latest sale, Telenor's shares will account for just under 15 per cent of the outstanding shares in Veon.
Telenor has indicated that the transaction will be the final divestment of Telenor's VEON ADSs, as Telenor expects to use the balance of its remaining ADSs to exchange and/or redeem the exchangeable bond.
Jorgen C Arentz Rostrup, chief financial officer of Telenor, said that "this transaction marks the completion of its sell-down in Veon. The dividends it received from its shareholding in Veon have surpassed its total investments in the company. In addition, its divestment transactions have secured net proceeds of around USD 2 billion."