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Home Business VimpelCom’s Subsidiary Opts out of Burundi and Central African Republic

VimpelCom’s Subsidiary Opts out of Burundi and Central African Republic

by Vince Matinde
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Image Credit: source.co.zw

Image Credit: source.co.zw

VimpleCom through Global Telecom Holding S.A.E. has offloaded Telecel Globe Limited (“TG”) which had stakes in U-COM in Burundi and Telecel CAR in Central African Republic. The company has sold its 100% stake for a reported USD 65 million.

TG was later acquired by Econet Wireless Global Limited which has operations in other African countries.

“We have previously outlined our Value Agenda within which our operations are reviewed to assess their future value to the Group. The decision to sell our operations in CAR and Burundi is a result of this process,” Andrew Davies, Chief Financial Officer of VimpelCom, commented.

Global Telecom Holding was looking to sell its business in quarter 1 of 2013 to an unnamed company.

“That purchaser failed to close the deal and forfeited a deposit it had paid to GTH in accordance with the terms of a purchase agreement that is no longer in force,” the company said.

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