Support The Moscow Times!

Altimo to Shed Part of Stake

Alfa Group unit Altimo said it plans to sell about 6 percent of mobile operator VimpelCom, though not to fellow shareholders Telenor ASA and Egyptian investor Naguib Sawiris.

"We believe there must be a balance of forces so that all the shareholders can be on about the same level," Altimo chief executive Alexei Reznikovich said Wednesday.

Altimo owns 31 percent of the voting rights at VimpelCom, and cutting that to less than 25 percent would trigger the cancellation of a shareholder agreement with Telenor that is no longer good for the company, Reznikovich said.

(Bloomberg)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.