VimpelCom: Global Telecom Unit To Sell Operations In Zimbabwe For $40 Mln

(RTTNews) - VimpelCom Ltd. (VIP), a Dutch provider of telecommunications services, announced Wednesday that its 51.9% owned subsidiary, Global Telecom Holding S.A.E. has entered into an agreement with ZARNet (Private) Limited to sell its stake in Telecel International Limited for $40 million.

Telecel International owns 60% of Telecel Zimbabwe (Pvt) Ltd. Transfer of ownership to ZARNet will occur after customary conditions are satisfied.

ZARNet is wholly owned by the Government of the Republic of Zimbabwe through the Ministry of Information & Communication Technology, Postal and Courier Services.