Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Telenor Raises VimpelCom Stake to 35.7%

HELSINKI — Telenor increased its stake in Russia's VimpelCom to 35.7 percent by buying shares on which it had a swap agreement.

Telenor paid $715 million to acquire the 65 million depositary receipts from JPMorgan Chase, the Fornebu, Norway-based company said in a statement Wednesday. Telenor previously owned a 31.7 percent stake in Russia's second-largest wireless carrier by subscribers.

The Norwegian phone company bought a block of shares from Egyptian billionaire Naguib Sawiris in February after the stake declined because of the Russian company's merger with Sawiris' Wind Telecom. The deal created the world's sixth-largest wireless carrier by subscribers.

"We want a strong position, and we continue our intent to build VimpelCom industrially for the long term," Telenor spokesman Dag Melgaard said by phone. He declined to comment on whether the company planned to buy more shares.

The stake Telenor reported acquiring Wednesday was previously the subject of a swap contract that permitted the company to profit on increases in share value. VimpelCom's share of voting rights increased to 39.5 percent from 36.4 percent previously, Telenor said.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more