Bloomberg News

VimpelCom Gains on Plan to Sell Stake in Algerian Joint Venture

January 09, 2012

Jan. 9 (Bloomberg) -- VimpelCom Ltd., Russia’s second- biggest mobile-phone operator, rose to a one-month high after it said it is selling a stake in an Algerian joint venture.

Algeria’s Ministry of Finance agreed to buy a 51 percent stake in mobile telephone operator Orascom Telecom Algeria, Zoheir Meziane, an adviser to the Post and Telecommunication Minister, said yesterday.

VimpelCom gained 2.5 percent to $10.17 at 2:38 p.m. in New York trading, its highest intraday price since Dec. 12.

Terms of the transaction weren’t disclosed.

--Editors: Richard Richtmyer, Glenn J. Kalinoski

To contact the reporter on this story: Leon Lazaroff in New York llazaroff@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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