Telenor, Monday announced its intention to divest its 33 percent stake in VimpelCom to focus on creating value in its core operations. Based on the current market price, Telenor's 33% stake will worth aproximately 20 billion Norwegian kroner (NOK). Telenor Group has invested NOK 15 billion in Amsterdam-based VimpelCom and it said that it has received NOK 20 billion in dividends.
According to Telenor, VimpelCom has gradually contributed less to the value of Telenor and at the same time the value of Telenor’s core operations have increased rapidly. Furthermore, the market value of the VimpelCom shares only represents approximately eight per cent of Telenor’s market capitalization, said Telenor.
Telenor Group will explore all options to divest its shares in VimpelCom, and will seek to find the best solution for Telenor and its shareholders.
Sigve Brekke, President and CEO of Telenor Group
We have maintained growth through solid performance from our controlled operations and will continue to focus on value creation in our core operations. Our ambition is to drive profitable growth in the telecom business, where Telenor will continue to monetize on the exponential data usage taking place across our footprint.
